Economic and Security Challenges Faced by Smart Grid

In this dissertation I have mentioned the components of the smart grid and how it uses computer technology to improve the communication, automation, and connectivity of the various components of the power network. The main aim of protecting the grid from any hacks and fraud are cyber security since we are dealing with two ways communication flow of electricity and information technology. Advantages and disadvantages of smart grid implementation that affect the economy .Ultimately renewable resources are used for energy compensation and the real time monitoring is used for accurate and reliable consumption since the demand is increasing globally, and improves consumption management.