Power systems are evolving towards the Smart Grid paradigm, featured by large-scale integration of renewable energy resources, e.g. wind and solar power, deeper participation of demand side, and enhanced interaction with electric vehicles. While these emerging elements are inherently stochastic in nature, they are creating a challenge to the system’s stability and its control. In this context, conventional analysis tools are becoming less effective, and necessitate the use alternative tools that are able to deal with the high uncertainty and variability in the smart grid.