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A revolution in power industries, including generation, transmission and distribution, driven by
environmental and economic considerations, is taking place all over the world. The smart grid allows for
integration of diverse generation and storage options, reduced losses, improved efficiencies, increased
grid flexibility, reduced power outages, allowing for competitive electricity pricing and integration of
electric vehicles and overall becoming more responsive to market, consumer and societal needs. It is
bringing profound changes to both power systems and many related industries.
