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Abstract The smart grid presents an unparalleled opportunity to revolutionize the present scenario energy industry, ushering in a contemporary era of an upgraded network. In this advanced system, electric energy generation, electric energy transmission, and electric energy distribution are intelligently and collaboratively controlled via a two-way automation system, promoting responsiveness and efficiency. The applications and technologies of smart grids may vary in their functions and forms, but they all share common potential benefits. These include intelligent energy curtailment, seamless integration of demand response, distributed renewable generation, and energy storage solutions. This paper provides a comprehensive review covering the past two decades, encompassing recent advancements and prior research developments in the smart grid paradigm. The primary aim of this study is to conduct an application-focused survey, comprehensively examining each category and subcategory independently. The paper's introduction provides insights into the concept and structure of smart grids. It delves deeply into reviewing recent advances in energy data management within smart grids, pricing models in modernized power grids, and the key components of smart grid systems. Furthermore, the paper thoroughly explores recent advancements in network reliability. Conversely, the growing dependence on urban areas utilizing sophisticated communication technologies and their infrastructure raises concerns about data integrity. Hence, a dedicated subsection is devoted to highlighting the existing challenges and the latest state-of-the-art advancements in cybersecurity. Lastly, the review concludes by emphasizing the unfolding advancements in pricing mechanisms.
Ethirajan et al. (Tue,) studied this question.
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