Overview of smart grid implementation: Frameworks, impact, performance and challenges

High consumption and ever-increasing demand for electricity at commercial, residential, and industrial levels have attracted the research community to look for new technologies for the future grid. A smart grid is an advanced technology-enabled electrical grid system with the incorporation of information and communication technology. The smart grid also enables two-way power flow, and enhanced metering infrastructure capable of self-healing, resilient to attacks, and can forecast future uncertainties. This paper surveys various smart grid frameworks, social, economic, and environmental impacts, energy trading, and integration of renewable energy sources over the years 2015 to 2021. Energy storage systems, plugin electric vehicles, and a grid to vehicle energy trading are explored which can potentially minimize the need for extra generators. This study shows that the integration of renewable energy sources, plug-in electric vehicles, and energy storage systems provide long-term economic and environmental benefits and have identified challenges, opportunities, and future directions. This study is expected to serve as a potential source of guidance for the researchers to explore various aspects of the smart grid over the last 06 years which shows them the future directions. This survey will also serve as a guiding source for transmission and distribution systems operators while showing them the right path to transform their traditional grids into smart grids.