Simulation of electrical markets as smart grid emerges

Abstract

Modern societies have become increasingly dependent on electric power for a plethora of uses and activities on a daily basis. The electrical power grid is the network that ensures electricity is delivered to users to carry out their activities. However, the existing power grid has become inefficient over the years due to the rising demand for electric power, and nations face an increasing need to provide more reliable and stable supply to satisfy all users. With the advent of technology, the smart grid has emerged to overcome the challenges of a traditional grid and enabled important national objectives to be fulfilled. This thesis explores the response strategies taken in the smart grid to improve the power supply provided for users, and also provides case studies for selected strategies, so as to prove that these strategies are indeed effective and beneficial.