A survey on wind energy, load and price forecasting: (Forecasting methods)

The wind energy has an upward trend to continue over several decades, with the improvement of its turbine technology and reduction of energy production costs. Due to its unpredictable wind behavior and weather patterns, it may pose many problems including grid voltage balancing, synchronization, capital cost expenditure etc. So, there would be a definite need in forecasting the wind energy, its load and price. The use of these forecasting techniques may reduce the capital cost, installation and maintenance etc., Hence, in this article an attempt has been made to review the forecasting techniques for wind energy, load and price also tried to explore the best possible methods to forecast the behavior/pattern of the wind.