Short-term forecasts are used for the day-to-day operations of the power system, such as the scheduling of electricity transactions, the scheduling of start-up times of generators and load flow analysis. Mid-term forecasts are used for maintenance scheduling, minor infrastructure adjustments and to schedule fuel purchases to reduce financial risks. Long-term forecasts are mainly used for capital budgeting such as purchasing or building new
generation facilities and deciding whether or not to increase the transmission capacity [10].