Over the last decades, load forecasting is used by power companies to balance energy demand and supply. Among the several load forecasting methods, medium-term load forecasting is necessary for grid’s maintenance planning, settings of electricity prices, and harmonizing energy sharing arrangement. The forecasting of the month ahead electrical loads provides the information required for the interchange of energy among power companies. For accurate load forecasting, this paper proposes a model for medium-term load forecasting that uses hourly electrical load and temperature data to predict month ahead hourly electrical loads. For data preprocessing, modified entropy mutual information-based feature selection is used. It eliminates the redundancy and irrelevancy of features from the data. We employ the conditional restricted Boltzmann machine (CRBM) for the load forecasting. A meta-heuristic optimization algorithm Jaya is used to improve the CRBM’s accuracy rate and convergence. In addition, the consumers’ dynamic consumption behaviors are also investigated using a discrete-time Markov chain and an adaptive k-means is used to group their behaviors into clusters. We evaluated the proposed model using GEFCom2012 US utility dataset. Simulation results confirm that the proposed model achieves better accuracy, fast convergence, and low execution time as compared to other existing models in the literature.