It is esteemed that the growth in energy consumption will increase upto 28%
globally [1], while, in Asia, it will grow by 51%. Besides, this report suggests that,
due to population growth and enormous dependebility on technology to carry on
the household chores, the electricity usage will increase mostly in residential sectors,
followed by commercial and industrial sectors. In order to keep pace with this global
trends, we must equip and modernize our existing electricity grid with hardware and
software advancements, to ensure a smarter, faster and more efficient power grid. Far
from being a futuristic thought, Smart Power Grid is emerging as one of the most
promising technologies that will ease out many of these problems.
The conventional electrical power grid that has been used over decades has met our needs
in the past. However, as the society advances technologically so does the expectations
from various infrastructures surrounding us [2]. As depicted in figure 1.1, Smart Grid
(SG) is an intelligent electricity network that integrates the actions of all users connected
to it and makes use of advanced information, control, and communication technologies
to save energy, reduce cost and increase reliability and transparency [3-5].
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