Smart Grid: Potentials and motivation

As electricity generation from different sources with intermittent power generation increases, and as the customer becomes more active in relation to their energy use, there is a growing need for intelligent, flexible and more reliable distribution networks. This has led to the development of smart grids, which provide the required system, market and tools to meet demands. Smart grid technologies offer a long list of benefits, including a more efficiently operated electricity system and reduced operational costs. We will provide an overview of the Smart Grid, and the basic concepts behind it. Also we will discuss its components and develop an understanding of the elements that we need to think about to get a fuller picture of the smart grid. Besides that, we will examine how the smart grid can be realized, as well as provide some examples of smart grids as they are deployed.