Electric power systems are being transformed from older grid systems to smart grids across the globe. The goals of this transition are to address today’s electric power issues, which include reducing carbon footprints, finding alternate sources of decaying fossil fuels, eradicating losses that occur in the current available systems, and introducing the latest information and communication technologies (ICT) for electric grids. The development of smart grid technology is advancing dramatically along with and in reaction to the continued growth of renewable energy technologies (especially wind and solar power), the growing popularity of electric vehicles, and the continuing huge demand for electricity.