Systems and methods for improving the accuracy of day-ahead load forecasts on an electric utility grid

A method of adjusting forecast load predictions on an electric grid using one or more operatively connected computers, the method comprising:

• obtaining, at the one or more computers, electrical grid information comprising:
• a day-ahead profile of a forecasted load for the electric grid,
• a day-ahead sparks ratio,
• a day-ahead price profile, and
• an hourly forecasted load relative to the forecasted profile;
• accessing, one or more databases operatively connected to the one or computers, electrical grid historical data;
• calculating, by the one or more computers, coefficients for a forecast error equation by performing a regression analysis using the historical data, the forecast equation being a function of day-ahead sparks ratio, day-ahead price profile, day-ahead profile of forecasted load, and hourly forecasted load relative to the forecasted profile;
• calculating, by the one or more computers, forecast prediction errors by applying data from the obtained electrical grid information to the forecast error equation with the calculated coefficients;
• and
• providing, by the one or more computers, one or more electronic reports containing forecast errors for the electric grid.