A Review on Future Power Systems; Technologies and Research for Smart Grids

A modernized grid equipped with bidirectional power flow capability, inter-device communication, cyber and physical protection, autonomous fault detection, self-healing and integration of green energy resources to enhance energy efficiency, quality, reliability and system security is regarded as Smart Grid. Revitalizing the existing power system through a paradigm shift from a traditional power system toward the Smart Grid is inevitable. The objective of this paper is to present a technological review of the research being carried out on various domains of smart grid. We explore different technologies required to meet the smart grid revolution. Information and communication technologies necessary for smart grid development are discussed with reference to latest research in the field. We further explore economic and environmental benefits of smart grid and different communicative and computational subsystems as the part of complex smart grid. We present a theoretical model of smart grid vision which integrates different components, systems and networks to evolve into emerging smart grid. This paper presents a brief literature review and points out various research gaps that needs to be fulfilled in our stride for reinventing the electric power system.