Medium and Long Term Energy Forecasting Methods: A Literature Review

Estimating utility demand remains a significant challenge worldwide, being accuracy often compromised by numerous variables involved and limited relevant data available; this compromises models and impacts resource planning, infrastructure, and energy purchases. Energy systems must prioritize efficient resource utilization to address these challenges in the context of technological advances, economic changes, and environmental concerns. This paper conducts a bibliometric and systematic review of energy forecasting methods; the literature review covers the main studies conducted, including the most commonly used variables in forecasting studies, the techniques used, and the forecasting time horizon. As a result, the review presented here will facilitate the selection of the best models, variables, and time horizons for different forecasting applications.