The power sector is in the throes of a transition. This change is being driven mainly by renewable energy integration, energy storage technologies to support the renewables, and smart meters. By tracking electricity usage round the clock, smart metering facilitates dynamic pricing (raising or lowering the cost of electricity based on need), helping distribution companies (DISCOMs) cut down on commercial losses. Smart meters, which are connected through a web-based system, also promote energy efficiency by helping consumers track energy usage instantaneously.
