Specifically, the application domains include: 1) optimal power system dispatch (unit commitment, generation scheduling, economic dispatch), 2) optimal sizing of energy storage system, 3) energy market policies and profit maximization of market participants, 4) reliability assessment, and 5) optimal reserve size determination in power systems. With regard to application, determining the optimality of accurate forecasts in terms of system economics and major planning aspects is an emerging phenomenon, that chalks out the main subject area of this survey. Although the development of forecast models for RE generation, i.e., wind and solar energy, is a well-researched area, however, the performance of these models is usually evaluated using statistical error metrics. This review is drafted on the basis of the selected high quality research publications from the past decade. This paper presents a literature review on the selected applications of renewable resource and power forecasting models to facilitate the optimal integration of renewable energy (RE) in power systems.
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