Introduction

The existing electrical grid needs to be smarter in order to provide an economical, reliable, and sustainable supply of electricity [1]. Although the current electrical grid has served well in providing the necessary power supply of electricity, the growing demand, fast depletion of primary energy resources, unreliability, and impact on the environment must be responded to in a vision of the future [2]. This vision is being realized using smart grid, which is a user-centric system that will elevate the conventional electrical grid system to one that functions more cooperatively, responsively, economically, and organically [1].

One of the most important features of smart grid technology that makes it smart or smarter than the current grid is the integration of bi-directional flow of information along with electricity, which can be used to provide effective and controlled power generation and consumption [3]. This two-way flow of information in turn enables active participation of consumers, thus empowering them to control and manage their own electricity usage by providing near real-time information on their electric consumption and associated cost. Due to this overlaid communication infrastructure, smart grid will incorporate into the grid the benefits of distributed computing and communications, which would provide the necessary intelligence to instantaneously balance the supply and demand at the device level. Clearly, modern communication and information technology will play an important role in managing, controlling, and optimizing different functional and smart devices and systems in a smart grid. A flexible framework is required to ensure the collection of timely and accurate information from various aspects of generation, transmission, distribution, and user networks to provide continuous and reliable operation [4].