Cutting-Edge Predictive Methods for Enhancing Short-Term Load Prediction

Efficient management and cost-related factors in the power sector call for accurate short-term load forecasting as it enables better planning with the electric grid and achieving stability within it. This paper looks into the state-of-the-art forecasting strategies that enhance load forecasts made in shorter time frames. Such techniques include but are not limited to machine learning applications, effective data models, and multi-dimensional modeling leveraging historical, meteorological, and economic data. Their review is carried out in detail with their advantages and disadvantages and their application in practice. Furthermore, this study strives to understand the barriers that need to be overcome in the quest to increase the accuracy of the forecasting models especially concerning renewable energy sources. We illustrate how new trends relate to future developments of predictive models about supporting the decision-making in operating power systems and improving the reliability and sustainability of energy systems.