S34 / Energy and utilities
Electricity reserve planning from probabilistic load forecasts
A utility planning team must balance excess reserve against costly demand shortfalls. Ask whether calibrated upper-tail demand forecasts produce more reliable reserve decisions than a fixed margin above a point forecast.
Planned topic
Proposed design & source
Probabilistic forecasting; chance constraints; asymmetric loss
Forecast hourly balancing-authority demand at a precisely defined issue time using lagged load, calendar information and only legitimately available inputs. Compare seasonal models and quantile boosting; benchmark against published demand forecasts only when their issue time aligns with the task. Weather forecasts are an optional, separately sourced extension.
Evaluation: Use rolling seasonal holdouts and an extreme-demand stress period. Report quantile loss, interval coverage, upper-tail exceedances and modeled reserve/shortfall cost relative to fixed margins. Record data vintages; label revised-data backtests when original releases are unavailable.
Boundary: Demand-only reserve scenarios omit generator outages and full network/security constraints. They are not an operational dispatch plan; do not use realized future weather or mismatched official-forecast timing.