Research direction of supply and demand forecasting in energy storage industry

Why is demand forecasting important in energy supply-demand management?

Demand forecasting plays a vital role in energy supply-demand management for both governments and private companies. Several techniques have been developed over the last few decades to accurately predict the future in energy consumption.

What is the literature review of energy demand forecasting methods?

They also discussed the drawbacks and countermeasures of each technique. Another systematic literature review of energy demand forecasting methods published in 2005-2015 was conducted by Ghalehkhondabi et al. . They focused on the methods that are used to predict energy consumption and compared their performance and applicability.

What are the different energy demand forecasting models?

In this paper an attempt is made to review the various energy demand forecasting models. Traditional methods such as time series, regression, econometric, ARIMA as well as soft computing techniques such as fuzzy logic, genetic algorithm, and neural networks are being extensively used for demand side management.

Can energy demand forecasting models accurately predict future energy needs?

During the last decade several new techniques are being used for energy demand management to accurately predict the future energy needs. In this paper an attempt is made to review the various energy demand forecasting models.

How do we forecast the future demand in power distribution systems?

Forecasting the demand in power distribution systems with fuzzy methodology was studied by Moraes et al. . The future demand was forecasted, based on the historical data, utilizing a fuzzy system which obtained the highest correlation as compared to previous forecasting errors.

What is a sectoral energy demand analysis and a forecasting model?

A sectoral energy demand analysis and a forecasting model are developed. Variables such as GDP, per capita income, agricultural production output, industrial production output, capital investment are used. A modified form of econometric model EDM (Energy Demand Model) is used by Gori and Takanen to forecast the Italian energy consumption.