Electricity plays a fundamental and indispensable role in modern society, driving progress, development, and the overall quality of life. Electricity is profoundly ingrained in daily life. It powers homes, providing lighting, heating, cooling, and appliances that support, comfort, and convenience. From cooking meals to powering electronic devices and entertainment systems, electricity is vital for modern living, enhancing our quality of life and enabling various activities. Power forecasting is critical to the effective management and optimization of power generation, consumption, and distribution. Power consumption forecasting has evolved significantly with the introduction of advanced technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT). AI techniques, such as machine learning and deep learning, make use of the massive amounts of data produced by IoT devices like smart meters and energy monitoring devices. These devices continuously gather real-time data on power consumption, weather conditions, grid performance, and other relevant factors. AI algorithms can find patterns and correlations and provide accurate forecasts and important insights for power forecasting by processing and analyzing data. Machine learning algorithms, such as regression models, neural networks, and ensemble approaches, are trained using historical power consumption data and the features that have been chosen. The models discover the underlying patterns and correlations between input features and power consumption. These forecasts can be used for short-term load balancing, energy procurement planning, demand response management, and optimizing energy distribution. AI and IoT power usage projections give valuable data for decision-making and energy optimization techniques. These projections can be used by energy suppliers, grid operators, building managers, and consumers to plan energy usage, distribute resources efficiently, optimize demand response programs, and discover possibilities for energy saving.