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Load forecast is the basic issue to ensure the stable and economical operation of power system. Accurate load forecasting is helpful to improve the stability and economy of power system. Based on the grey forecast theory, this paper studies the principle and deficiency of the basic grey model and other improved models in power load forecasting, and introduces a new method-the combined optimum grey model which is composed of partial error optimum grey model (GM) and equal dimensions and new information grey model to forecast the medium and long term power load. The forecasting algorithm can estimate the model parameters, meet the requirement of dynamic power load and solve the problem of great effect of random disturbance. Example analysis shows that the method of this paper can be used as one of the tools of forecasting the medium and long term power load. (5 pages)