Optimized Energy Consumption and Demand Side Management in Smart Grid

This chapter reviews prevailing methodologies and future techniques to optimize energy consumption. It discerns that smart grid provides better tools and equipment to control and monitor the consumer load, and optimize the energy consumption. Smart grid is essentially composed of smart energy equipment, advance metering infrastructure and Phasor Measurement Units (Synchrophaors) that helps to achieve optimized energy consumption. The chapter also places focus on demand side management and optimized energy consumption scheduling; and establishes that both, the utilities, as well as the users can play a vital role in intelligent energy consumption and optimization. The literature review also reveals smart protection, self-healing systems and off-peak operation result in minimizing transmission and distribution losses, as well as optimizing the energy consumption.