Transition from conventional to modern grids: Modern grid include microgrid and smartgrid

Power can be generated from conventional as well as non-conventional sources. Power can be accepted from any type of source. With the increasing share of generating resources adding up in distribution side, the traditional frontier that is separating all the three parts (generation, transmission and distribution) of power system are vanishing rapidly. As the grid is transforming to microgrid and smart grid, the consumers are now termed as “prosumers”. The grid that is initially designed for one-way power flow is now experiencing two-way flow of power. As the energy storage cost is declining, it gives rise to new debate for the power system intellectualist whether to invest in conventional grid model (generation + transmission + distribution) or to invest in storage model (distributed generation + distribution + storage) With evolution of Microgrid and Smartgrid concept, power system is advancing to a new era of digitalized power system. With the digitalization of power system there comes various pros and cons in terms of technical as well as economic feasibility. Thus, requires new researches in this modern field.