With the use of smart technologies as a rising trend, the inadequacies in the fields of economy, environment, security, safety, reliability and efficiency in the traditional electricity grid have played an active role in the emergence of the idea of having a smart electricity grid. Smart Grid meets the requirements of the complex operating environment on electric power systems and also gives the solutions for global energy and environmental problems which are essential public concern of the last century. The success rate of these solutions offered by Smart Grid is directly related to the efficiency of energy distribution among the actors in the electric power grid.