Interruptions in electricity supply may have a series of failures that can affect banking, telecommunications, traffic, and safety sectors. Due to the two-way interactive abilities, Smart Grid allows consumers to automatically redirect on failure, or shut down of the equipment. Smart Grid technologies are the costly ones; however, due to the mitigation of possible problems, they are economically sound. Smart grids can't operate without smart meters, which may easily transmit real-time power consumption data to energy data centers, helping the consumer to make effective decisions about how much energy to use and at what time of day. Smart Grid meters do allow the consumer to track and reduce energy consumption bills during peak hours and increase the corresponding consumption during minimum hours. At a higher level of management (e.g., on the level of separate region or country), the Smart Grid distribution system operators have the opportunity to increase the reliability of power supply primarily by detecting or preventing emergencies. Ukraine's energy system is currently outdated and cannot withstand current loads. High levels of wear of the main and auxiliary equipment of the power system and uneven load distribution in the network often lead to emergencies and power outages. The Smart Grid achievements and energy sustainability are also related to the energy trilemma, which consists of key core dimensions– Energy Security, Energy Equity, and Environmental Sustainability. To be competitive in the world energy market, the country has to organize efficiently the cooperation of public/private actors, governments, economic and social agents, environmental issues, and individual consumer behaviors. Ukraine gained 61 positions out of 128 countries in a list in 2019 on the energy trilemma index. In general, Ukraine has a higher than average energy security position and lower than average energy equity, and environmental sustainability positions. Given the fact that the number of renewable energy sources is measured in hundreds and thousands, network management is complicated and requires a Smart Grid rapid response.
Keywords: economic development, Smart Grid, electricity supply, economic and environmental efficiency.
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