Energy forecasting tools and services

TLDR

The increasing complexity of the power grid and the continuous integration of volatile renewable energy systems have made precise forecasts of supply and demand essential for the future Smart Grid, yet the growing number of tools and services makes it difficult for utilities and researchers to discern what each offers. The study offers an overview and categorization of energy‑related forecasting tools and services for load and volatile renewable power, along with general principles of time series, load, and renewable power forecasting. It compiles and classifies these tools and services, detailing their features and underlying forecasting principles. Published in WIREs Data Mining Knowledge Discovery 2018 (8:e1235), doi:10.1002/widm.1235, the article is categorized under Business and Industry Application Areas and Data Mining Software Tools Technologies.

Abstract

The increasing complexity of the power grid and the continuous integration of volatile renewable energy systems on all aspects of it have made more precise forecasts of both energy supply and demand necessary for the future Smart Grid. Yet, the ever increasing volume of tools and services makes it difficult for users (e.g., energy utility companies) and researchers to obtain even a general sense of what each tool or service offers. The present contribution provides an overview and categorization of several energy‐related forecasting tools and services (specifically for load and volatile renewable power), as well as general information regarding principles of time series, load, and volatile renewable power forecasting. WIREs Data Mining Knowl Discov 2018, 8:e1235. doi: 10.1002/widm.1235 This article is categorized under: Application Areas > Business and Industry Application Areas > Data Mining Software Tools Technologies > Prediction