Review of technologies and implementation strategies in the area of Smart Grid

Currently there is a global concern about the economic downturn and a greener Earth which is related to a better and efficient method to generate and transmit electric power. With the advent of the plug-in electric vehicles and renewable energy generators, a smarter, more efficient and customer-friendly power grid is essential. Progress is underway for the development of technologies which can improve the quality, efficiency & reliability of the existing transmitted electric power. Governments and sponsors around the world are investing in R&D strategies to construct a smart electric power infrastructure which supports the decentralized approach of power generation, employs two - way intelligent communications for real time monitoring, utilizes demand & fault management and latest security protocols to contribute towards a rigid and attack free electric power network. This paper gives suggestions to emerging novel solutions by utilizing the current advancements and technologies in the area of smart electric power system. It also depicts how smart grid addresses the current issues in the power industry.