The rising costs and undesirable environmental effects of traditional, nonrenewable energy sources have led to increased research regarding the viability of renewable energy sources. Wind has been the fastest-growing source of electricity generation in the world since the 1990s. One of the primary limiting constraints of wind energy is its reliability and there is no cost-effective mechanism for storing wind energy generated by a wind turbine, thus it must be quickly integrated into the electrical grid. The financial implications of wind forecasting are also of great consequence. A 1% error in forecasted wind speeds can result in a loss of $12,000,000 during the facility’s life time. As more wind power is incorporated into electricity markets, the capacity to correctly and precisely estimate wind speeds has become increasingly vital. Hence, the importance of this chapter by addressing the different divisions related to wind speed prediction into two overall groups. The first group is based upon analysis of historical time series of wind energy forecasting explanatory variables which are generated from a meteorological model of wind dynamics and the second uses forecasted values from a numerical weather prediction (NWP) model as an input to utilize a statistical approach to anticipate energy predication.