UTILITY FORECASTING & BUDGETING

Service Description

Utility budgeting and forecasting refer to the process of estimating and planning for the costs of providing utility services, such as electricity, water, and gas, over a specified period. Utility companies use budgeting and forecasting to ensure that they can meet the demand for their services while maintaining profitability. The budgeting process involves estimating the expected costs for the upcoming period, typically one year. These costs may include the expenses related to generating or procuring the utility, distributing it to customers, and maintaining the infrastructure required to provide the service. Once the expected costs have been estimated, the utility company can determine the prices it will charge to its customers to cover these costs. Forecasting involves predicting the demand for utility services over the same period. By analyzing historical data and trends, utility companies can estimate the expected usage levels for their services. This information is used to optimize the supply of the utility and ensure that it is available when customers need it. Overall, utility budgeting and forecasting are critical processes for ensuring that utility companies can provide reliable and affordable services to their customers. By accurately estimating costs and demand, property manager and asset managers can operate efficiently and effectively while meeting their financial goals.