One embodiment of the application provides a method of forecasting utility demand of a utility consuming entity for a future time period. The method includes: selecting a utility demand matrix from a set of utility demand matrixes as a function of a future date, wherein the set of utility demand matrixes are classified by type-of-day, and representing a relation of past utility demand of the entity to time-in-day interval and outdoor temperature in the vicinity of the entity during the type-of-day; identifying a utility demand element from the utility demand matrix as a function of a future time-in-day and a known factor (e.g., future outdoor temperature) thereof; and generating a utility demand forecast of the entity for the future time period as a function of the identified utility demand element.