Abstract
The Smart Grid is the biggest thing to hit the electric utility industry over the last 40 years. Was the grid dumb before and is now on its way to becoming smarter? Yes, and no. If you ask four people “what is a Smart Grid?” – You will get five answers. Defining it is very important and this study attempts to do just that. The study starts by defining what the Smart Grid can and should deliver and uses it to define the Smart Grid. The author also presents a construct identifying various components of Smart Grid followed by their descriptions. Understanding these components is important because as technology progresses, one or more of them may replace. The paper ends with a description of two prominent Smart Grid implementations, one in US and one in Europe followed by what the future holds for this area and the challenges that it may pose. The Smart Grid is not just a technology play but a journey that must be followed with changes in people, processes driving business transformation [1]. If these are considered in totality, then the implementation will be successful. If not, the benefits will be lower than expected.
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