Affiliation:
1. Department of Electrical and Electronics Engineering Velagapudi Ramakrishna Siddhartha Engineering College Vijayawada 520007 India
2. Department of Electrical and Electronics Engineering Vardhaman College of Engineering Hyderabad 501218 India
3. Department of Electrical and Electronics Engineering Sphoorthy Engineering College Dundigal Hyderabad 501510 India
4. School of Electronics Engineering VIT‐AP University Amaravati 522237 India
5. Department of Electrical and Electronic Engineering University of Dhaka Dhaka 1000 Bangladesh
6. Fukushima Renewable Energy Institute, AIST (FREA) National Institute of Advanced Industrial Science and Technology (AIST) Koriyama 9630298 Japan
Abstract
In recent years, the importance of deregulated power systems has grown significantly, resulting in positive effects on stability, reliability, innovation, and investment in new energy grid technology. The competitive landscape among energy providers and distributors has empowered consumers to not only save money on their energy bills but also incorporate sustainable energy sources into the grid. To efficiently manage electricity distribution, deregulated power systems must include a smart grid and microgrid (MG). Herein, the potential for sustainable expansion of these systems, as well as their economic and environmental implications, are examined. A comprehensive grid system that integrates smart grids and MGs can offer a complete solution, catering to the evolving energy needs of communities and businesses. The advantages of establishing such a system, including improved grid stability, reliability, and increased utilization of renewable energy sources (RES), are highlighted. Furthermore, the integration of MGs and smart grids enhances the management of distributed generation, allowing power companies to optimize system operations for profitability and efficiency. By following these suggestions, businesses and stakeholders in the power sector can enhance the efficiency and responsibility of their systems, resulting in benefits for both the economy and the environment.