For the past few years, smart grids have been the main topic of fervent research and development at both industrial and academic level. The smart grid is envisaged to be the next generation electric grid for Smart Cities. It enables the smart integration of conventional power generation, renewable generation, distributed generation, energy storage, transmission, distribution and demand management. The benefits of smart grid include the enhanced reliability and resilience, higher intelligence and optimized control, decentralized operation, higher operational efficiency, more efficient demand management, and better power quality. However, all these prospected transformations also bring with them numerous challenges and opportunities.