Empirical Assessment of Time-Series Foundation Models For Power System Forecasting Applications

Abstract

Accurate forecasting of electric load and renewable generation is essential for reliable and cost effective power system operations. Recent advances in transformer based and foundation machine learning models, driven by large scale pretraining, increased available data and computation, in addition to architectural innovations, have shown promise in time series forecasting across multiple domains. However, their application to power system forecasting tasks remains largely underexplored. This work presents a comprehensive, empirical benchmark of state of the art time series foundation models, transformer architectures, and deep learning baselines for solar, wind, and load forecasting using the high resolution ARPAE PERFORM dataset for the Electric Reliability Council of Texas (ERCOT) grid. Eight core capabilities are assessed, including zero shot performance, fine tuning efficiency, multivariate input and output handling, horizon sensitivity, generalization to unseen sites, probabilistic forecasting, and context window effects. Models evaluated include TimesFM, Chronos Bolt, MoiraiL, MOMENT, Tiny Time Mixer, Temporal Fusion Transformer, PatchTST, TimeXer, LSTM, and CNN. The manuscript aims to provide clear guidance on when foundation models can provide enhanced renewable and load forecasting capabilities and when other approaches remain the more practical choice for power system operations.