Abstract
Smart Grids are one of a key component of the EU strategy towards a lowcarbon energy future and efficient energy use. From an economic point of view, it's main characteristic is big investment, and benefits are seen after some time with risk of being smaller than expected. Therefore it is important to make a comprehensive cost-benefit analysis of those projects. Paper presents restrictions of current electric power networks along with solutions that are offered by Smart Grids. Guidelines for conducting the cost-benefit analysis of Smart Grid projects are compared and applied on pilot projects, to demonstrate use of methodologies for reducing uncertainties and incentivizing investments. As a part of qualitative analysis, social aspect of Smart Grid projects is described. In the end of this paper, it is given an overview of what has been done and what will be done in European Union.
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