The Load Forecasting function of RTP uses
transmission and distribution information, energy schedules,
weather, and past history to forecast loads on and
interval-by-interval basis. The forecast is used, in part, to
develop the Base RTP calculation.
Periodically, the Market Timer, (the RTO/ISO
market operations system or other market entity, depending upon the
market design) forecasts power system conditions for a specific
period, say the next 24 hours, based on energy schedules and prices
already submitted, ancillary services available, weather conditions,
day of the week, scheduled outage information from transmission and
distribution operations, and real-time information from transmission
and distribution operations, etc.
The Load Forecasting function uses historical
load forecasts databases and combines that information about the
energy generation schedules, transmission and distribution system
constraints and ancillary services bids to estimate the load for areas
within the system studied. Various load forecasting packages approach
the problem in different ways but all use these input and combine
weather, time of the year, day of the week and other correlated
variables to predict customer behavior for the specific settlement
periods being forecasted.