Long term load forecasting in smart grid era

Long term load forecasting is done for a year ahead to few years. There are number of factors like Gross Domestic Product (GDP), Gross National Product (GNP), Population, demographic data etc. responsible for long term load growth. With the growing trend in smart grid developments, there are new devices, new technologies and new control mechanisms that are becoming part of the existing electrical grid. These characteristics of smart grid also contribute to changes in annual peak load and energy consumption, which need to be considered while developing the forecasting models. In this paper, various smart grid factors that may affect the long term load have been discussed. Also, the need for hybrid approaches for developing the long term load forecasting models has been presented.