Abstract
Energy efficiency and power crises are the critical issues that the globe is facing nowadays. Generation diversification, Demand Response, renewable energy accommodation, and reduction of Carbon dioxide emission are some of the issues that cannot be covered within the limitation of the current grid system. Smart Grid has revolutionized the generation, Distribution, and Consumption of electricity by integrating intelligent control, sensing and communication in daily operation of the electric grid. The goal of the Smart Grid is to be environmentally sustainable, for the deployment of this trending technology is a must. This paper addresses the issues that would be faced in the implementation of the smart Grid technology, policy consideration to maximize the benefit of smart grid and enhance the benefit over cost ratio. It explains the three sectors where the smart grid applications can be seen with challenges in bottom-up design, and overview of Smart grid for utilities. A top-down scheme is presented which can help in eliminating the challenges and barriers in the smart grid implementation. Finally cost vs. benefit analysis is made to prove the effectiveness of this trending technology in the power sector.
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