Sammendrag
There are diverse visions on how to go about achieving reliability, energy conservation, and efficiency with environmental compliance through the inter-disciplinary integration of information and communication technologies (ICT) and power system technologies to facilitate the modernization of grids. The paradigm of smart grid has been brought forward and is being continually improvised to cater to the energy demands of the twenty-first century. However, the term “reliability” used in invariably defining and outlining the characteristic features of smart grids seems to be in a generic context, and more often than not qualitative. The aim of this chapter is to appraise the challenges presented by the envisioned transformation towards Smart grids in terms of capturing the anticipated quantitative reliability benefits and the growing need for allied reliability-related studies.