EnergyBench: a live, gate-aligned benchmark of day-ahead forecasts for European power markets

Foundation models promise accurate forecasts with little or no task-specific training, but whether they can replace models designed specifically for electricity price forecasting remains unclear. We compare nine variants from five foundation model families, evaluated in zero-shot mode, with two state-of-the-art electricity price forecasting benchmarks in Germany, Poland, and Spain over 2021-2025. Their performance is assessed in terms of point and probabilistic forecasting accuracy, as well as economic value in battery energy storage arbitrage. Only the TabPFN models consistently and significantly outperform the benchmarks across all three markets and all statistical measures. However, this statistical dominance does not translate directly into economic dominance: TabPFN performs best under unlimited bids and riskier quantile-based strategies, whereas the Distributional Deep Neural Network benchmark is more profitable when risk tolerance is lower. Thus, foundation models cannot universally replace market-specific models, and their value depends on both model architecture and the decision problem.

Driven by the transition towards a climate-neutral energy system, accurate energy time series forecasting is critical for planning and operation. Yet, it remains largely a dataset-specific task, requiring comprehensive training data, limiting scalability, and resulting in high model development and maintenance effort. Recently, foundation models that aim to learn generalizable patterns via extensive pretraining have shown superior performance in multiple prediction tasks. Despite their success and strong potential to address challenges in energy forecasting, their application in this domain remains largely unexplored. We address this gap by presenting the Foundation Models in Energy Time Series Forecasting (FETS) benchmark. We (1) provide a structured overview of energy forecasting use cases along three main dimensions: stakeholders, attributes, and data categories; (2) collect and analyze 54 datasets across 9 data categories, guided by typical stakeholder interests; (3) benchmark foundation models against classical machine learning approaches across different forecasting settings. Foundation models consistently outperform dataset-specific optimized machine learning approaches across all settings and data categories, despite the latter having seen the full historic target data during training. In particular, covariate-informed foundation models achieve the strongest performance. Further analysis reveals a strong correlation between predictive performance and spectral entropy, performance saturation beyond a certain context length, and improved performance at higher aggregation levels such as national load, district heating, and power grid data. Overall, our findings highlight the strong potential of foundation models as scalable and generalizable forecasting solutions for the energy domain, particularly in data-constrained and privacy-sensitive settings.

Energy forecasting research faces a persistent comparability gap that makes it difficult to measure consistent progress over time. Reported accuracy gains are often not directly comparable because models are evaluated under study-specific datasets, time periods, information sets, and scoring setups, while widely used benchmarks and competition datasets are typically tied to fixed historical windows. This paper introduces the Energy-Arena, a dynamic benchmarking platform for operational energy time series forecasting that provides a continuously updated reference point as energy systems evolve. The platform operates as an open, API-based submission system and standardizes challenge definitions and submission deadlines aligned with operational constraints. Performance is reported on rolling evaluation windows via persistent leaderboards. By moving from retrospective backtesting to forward-looking benchmarking, the Energy-Arena enforces standardized ex-ante submission and ex-post evaluation, thereby improving transparency by preventing information leakage and retroactive tuning. The platform is publicly available at Energy-Arena.org.