Abstract
The smart grid is an unprecedented opportunity to shift the current energy industry into a new era of a modernized network where the power generation, transmission, and distribution are intelligently, responsively, and cooperatively managed through a bi-directional automation system. Although the domains of smart grid applications and technologies vary in functions and forms, they generally share common potentials such as intelligent energy curtailment, efficient integration of Demand Response, Distributed Renewable Generation, and Energy Storage. This paper presents a comprehensive review categorically on the recent advances and previous research developments of the smart grid paradigm over the last two decades. The main intent of the study is to provide an application-focused survey where every category and sub-category herein are thoroughly and independently investigated. The preamble of the paper highlights the concept and the structure of the smart grids. The work presented intensively and extensively reviews the recent advances on the energy data management in smart grids, pricing modalities in a modernized power grid, and the predominant components of the smart grid. The paper thoroughly enumerates the recent advances in the area of network reliability. On the other hand, the reliance on smart cities on advanced communication infrastructure promotes more concerns regarding data integrity. Therefore, the paper dedicates a sub-section to highlight the challenges and the state-of-the-art of cybersecurity. Furthermore, highlighting the emerging developments in the pricing mechanisms concludes the review.
Highlights
The stipulation on sustainable modernization of the energy sector primarily brought about the need to establish deregulation in the power industry
A thorough review of the advances on the prevailing applications of smart grids has been presented mainly focusing on data management, cybersecurity, different pricing modalities, demand response, renewable power integration, and reliability indices
Since the various components in a smart grid generate a massive amount of data, a complete section is dedicated to investigating the flow, analysis, and management of such a broad set of heterogeneous data
Summary
The stipulation on sustainable modernization of the energy sector primarily brought about the need to establish deregulation in the power industry. To establish a point of common coupling (PCC) that plays a key role in the formation of DC, AC, and hybrid AC-DC microgrids for various domains of voltage and frequency levels In this respect, several power electronic interfacing configurations and topologies have been proposed to achieve a diversified power generation framework and enable MGs to effectively manage the power and energy flow [7,8]. Australia and Ausgrid, and the Australian government echoes EPRI’s definitions, defines the smart grid as a novel and a highly intelligent way of supplying electricity It incorporates advanced communication infrastructure, innovative sensing, and metering technologies with the electrical network to create a two-way, interactive grid.
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