Short-Term Electricity Demand Forecasting: A Comparative Evaluation of Models Based on Performance Criteria and Future Research Directions

Abstract

Short-term electricity demand forecasting is a critical enabler of the secure and efficient operation of modern power systems, particularly amid increasing renewable energy integration, smart grid expansion, and the broader energy transition. This paper presents a rigorous comparative analysis of electricity demand forecasting models, encompassing statistical methods, Machine Learning (ML), Deep Learning (DL), and hybrid architectures. A structured taxonomy is proposed to classify models according to their methodological family, application horizon, and data requirements, thereby providing a unified reference framework for researchers and energy-sector practitioners. Models are evaluated using a multi-criteria framework comprising accuracy, robustness, scalability, interpretability, computational cost, and the capacity to handle exogenous variables. The analysis identifies critical research gaps, including the limited integration of probabilistic forecasting into operational contexts and the absence of standardized evaluation protocols under real-world conditions. Future research directions are outlined, with particular emphasis on uncertainty quantification, adaptive learning strategies, and hierarchical forecast coherence in systems with high penetration of distributed energy resources.