The smart grid at its core represents the use of rising technology in order to support the energy and the cost-based efficiency. A smartly designed energy network, reads in an automatic way and reacts to the changes of supply as well as the demand. It offers a large potential for maintenance of security of the supply system efficiently. When these are linked or coupled with the smart meter roll-out, then the possible efficiency is always larger as the customers easily adapt with their own demands on real time basis and usually increase the renewable energy integration into the grid [1]. Keeping it in mind, a target has been set by the European Union(EU) to change around 80 percent of the already existing meters of electricity by 2020 so as to bring about a possible reduction of emission across the EU to about 9 percent and the same reduction in case of annual consumption of ordinary energy. The ambitions of EU were basically set out in innovation-led electricity-based system transformation and technology-based context. According to the reports of World Economic Forum three significant trends have been identified that are going to rattle large conventional structures from the generation process beyond the smart meter [2] . These are: Economical large sectors electrification such as heating and transport; The process of decentralisation, propelled by an acute fall in distributed form of energy resources cost like distributed generation, distributed storage, energy efficiency and flexible demand; The process of digitalisation of grids, with smart sensors, smart metering, process of automation and other technologies based on digital type of network like arrival of Internet of Things (IoTs) and a large power surge consuming associated devices.

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