Electricity Demand Forecasting

Unlike other energy sources, electricity cannot be saved or used later. Thus, there needs to be consistent predictions for daily usage. Otherwise, electricity distribution companies could incur massive hits to their bottom line and reputation..

Forecasting hourly (short-term) electricity demand depends on location, socio-economic factors, weather conditions, holidays, and other various external data.

Accurate electricity demand forecasting can be achieved through AI modeling—combining internal counter-based consumption data with external data, such as the weather, national and religious holidays, pandemic restrictions, etc.