Energy Forecasting in Past Didn’t Focus Enough on Demand Side

During the pandemic and subsequent lockdowns, many forecasting models failed to predict the changes in demand accurately. Existing machine learning algorithms showed their limitations, prompting a need to reevaluate historical data and events to calculate the potential demand drop and its impact on pricing. This revealed the necessity of going back to basics and reassessing historical data to understand and navigate unprecedented events like the pandemic and associated disruptions.