The Future of Smart Grid Technologies
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Smart Grid Technology Pushing Smart Cities Forward

Just like traditional grids, smart grids have a number of moving components. However, smart grids have parts that are more efficient in terms of design and functionality. They have intelligent applications that are capable of processing data which decided when to consume power based on the pre-set user preferences. With the Internet of Things, these grids are able to connect directly with smart substations that control critical and non-critical operational data, such as power factor performance, breaker, battery and transformer status.

Another critical component of the smart grid system is the their power meter that is capable of two-way communication between the consumer and power provider. This makes detection of power outages, billing, data collection and dispatching of repair crews easier and faster. There are an abundance of smart energy distribution stations characterized by automated monitoring and analysis tools, superconducting cables for long-distance transmission, self-healing, self optimization and self balancing. The system is capable of “learning” the unique behavior of power generation resources to optimize energy production and to automatically maintain voltage, frequency and power factor standards based on feedback from multiple points in the grid. universal access to affordable, low-carbon electrical power generation and storage solutions.

Why do we Need Smart Grids?

Smart grids are not only aligned perfectly with the needs and demands of our time, they predicted to have significant long-lasting effects. For instance, the technology will overhaul aging equipment and bring things up to speed. This will help to reduce the likelihood of blackouts, burnouts and power surges. The technology will also reduce both the cost of energy consumption and production. With its full implementation, smart grids will make renewable power feasible and equip the grid to meet increasing energy demands. More importantly, however, the technology will give consumers near real-time control of their energy bills and facilitate large-scale electric vehicle charging.

Reaping Rewards of Smart Grids

Switching to a smart grid is all about providing consumers with a financial edge not just improving power management and adopting greener technology. Successful adoption of this technology will enable the average household to save nearly $600 in direct bill savings. By providing real time information on energy consumption, the technology will allow consumers to reduce their energy consumption by 5% to 10%. Research has shown that when consumers know exactly how much energy they consume; they are likely to take appropriate measures to reduce their energy use. After one year, the total energy savings attributed to smart grid technology is estimated to be $42 billion. In five years, the annual savings will increase to $48 billion. In 15 years, the savings will increase to $65 billion and $102 billion in 30 years. The energy saved can power the city of Las Vegas 207 times over, a refrigerator for 199 million years, or cool 378 million homes.