As the energy value chain grows more complex and dynamic, electric utilities must adopt AI-based forecasting technologies to build a strong foundation for sustainable business growth.
FREMONT, CA: Electricity load forecasting is becoming one of the key issues to solve the energy crisis. Meeting people's energy needs has become a hot topic of global concern recently. Apart from improving energy efficiency and developing innovative energy sources, strategic management of energy is found to be a useful way to solve the growing energy crisis. Experts opine that the premise of effective energy management is a more accurate energy load forecasting system. With the development of artificial intelligence technology, it has also been applied by many utilities in their electricity load forecasting system.
Toshiba reviews that Artificial Intelligence (AI) in different forms has been widely utilized for electricity demand prediction. Electric utilities that combine analysis data with machine learning and artificial intelligence develop precision forecasts. This radically improved technology has the power to transform the electric utilities' approach to forecasting and can lead to substantial savings in operating costs. Electrical load forecasting based on AI can increase the efficiency and revenues for the electrical generating and distribution companies. It helps them to plan on their ability in order to reliably supply consumers with the required energy. The combination of data obtained in real-time and historical usage from smart meters, paired with edge serves, cloud computing, and machine learning can offer new insights and forecast on the energy demand in specific areas of the grid.
The AI-based load forecasting helps electric utilities in planning the future in terms of the size, location, and type of future generating plant too. By determining areas with high or growing demand, the firms can take initiatives to generate power near the load. This minimizes the transmission and distribution efforts and costs associated with it. Load forecasting also helps to determine the required resources such as fuels required to operate the electricity generating plants and other resources that are needed to ensure uninterrupted and economical generation and distribution of the energy to the consumers. All these contribute to long term planning.
It is sure that this AI-based approach to forecasting will grow in importance in the coming years.