# Assessing Electricity Demand Forecasting with Exogenous Data in Time Series Foundation Models

arXiv: https://arxiv.org/abs/2602.05390 · HTML: https://mlsanity.com/paper/2602.05390/

## Key facts

- Cited by 2 papers in the map (data through 14 Oct 2026).
- Builds on 6 of its 24 references that are in the map.
- First posted on arXiv 5 Feb 2026.

## Builds on (most cited first, 6 of 6)

- [Informer: Beyond Efficient Transformer for Long Sequence Time-Series Forecasting](https://mlsanity.com/paper/2012.07436/) (2020)
- [Autoformer: Decomposition Transformers with Auto-Correlation for Long-Term Series Forecasting](https://mlsanity.com/paper/2106.13008/) (2021)
- [Transformers are SSMs: Generalized Models and Efficient Algorithms Through Structured State Space Duality](https://mlsanity.com/paper/2405.21060/) (2024)
- [Unified Training of Universal Time Series Forecasting Transformers](https://mlsanity.com/paper/2402.02592/) (2024)
- [MOMENT: A Family of Open Time-series Foundation Models](https://mlsanity.com/paper/2402.03885/) (2024)
- [PowerPM: Foundation Model for Power Systems](https://mlsanity.com/paper/2408.04057/) (2024)

## Built on by (most cited first, 2 of 2)

- [A Benchmark for Electrical Load Forecasting Across Grid Levels: Time-Series Transformers Outperform Established Methods](https://mlsanity.com/paper/2607.15705/) (2026)
- [CTIA-ODE: Continuous-Time Inter-Variable Attention for Long-Term Time Series Forecasting](https://mlsanity.com/paper/2610.19831/) (2026)

## Abstract (arXiv)

Time-series foundation models have emerged as a new paradigm for forecasting, yet their ability to effectively leverage exogenous features -- critical for electricity demand forecasting -- remains unclear. This paper empirically evaluates foundation models capable of modeling cross-channel correlations against a baseline LSTM with reversible instance normalization across Singaporean and Australian electricity markets at hourly and daily granularities. We systematically assess MOIRAI, MOMENT, TinyTimeMixers, ChronosX, and Chronos-2 under three feature configurations: all features, selected features, and target-only. Our findings reveal highly variable effectiveness: while Chronos-2 achieves the best performance among foundation models (in zero-shot settings), the simple baseline frequently outperforms all foundation models in Singapore's stable climate, particularly for short-term horizons. Model architecture proves critical, with synergistic architectural implementations (TTM's channel-mixing, Chronos-2's grouped attention) consistently leveraging exogenous features, while other approaches show inconsistent benefits. Geographic context emerges as equally important, with foundation models demonstrating advantages primarily in variable climates. These results challenge assumptions about universal foundation model superiority and highlight the need for domain-specific models, specifically in the energy domain.