Smart Grid is described as an improved electricity supply chain which runs from a big power plant that goes all the way through our homes. It is a concept for transforming the electric power grid by implementing advanced communications techniques, automatic control, and other forms of information technology. By integrating innovative tools and technology, it boosts the input of a system while decreasing power consumption at the same time.
The Environmental and Energy Study Institute (EESI) and MissionPoint Capital Partners had held a meeting in January of this year to discuss and demonstrate the meaning of Smart Grid Technology. They also discussed how it could be used, the key policy issues and market barriers impacting its development. The requirement for the smart grid has been growing and recognized by policymakers to seek more ways to improve the energy efficiency in producing and implementing electricity for our daily activities. The smart grid is essential in reducing the emission of greenhouse gases and switching over to a low-carbon economy.
The smart grid technology provides a lucid integration and higher penetration of renewable energy. It boosts the development and the worldwide usage of plug-in hybrid electric vehicles (PHEVs), and it’s prospective use as a storage for the grid. The smart meters also play a prime component in the smart grid system and help the utilities to balance the demand as well as decrease costly usage of power. Smart Grid provides a much better deal for consumers as it allows them to see and respond to real-time pricing information through in-home displays and appliances. Smart Grids are designed based on various other technologies which are already implemented by electric utilities, but it can also use newer technologies different forms of distributed generation, solar energy, and smart metering.