The traditional electricity grid has deteriorated since its establishment and extensive usage around the globe. Generation, transmission, distribution, and consumption were the four main parts of the grid in the past [1]. A broad variety of power production systems are included in bulk generation, including hydro generators, thermos generators, nuclear power sources, combined heat and power (CHP) facilities, and many more. The dependability and quality of the power are compromised due to several faults in the deteriorated utilities. Voltage instability, irregular power outages, curtailments, imbalanced or excessive load conditions, and blackouts are the main causes of power system faults. To get over these restrictions, standard grid monitoring and control systems have been enhanced and integrated [2]. Every year since the conventional power distribution system was put into place, the world’s energy consumption has gone up. Many energy and demand-side management (DSM) initiatives have been launched by governments and energy providers in response to the surge in demand. For decades, laws have been in place that permit more distributed generation (DG). According to Kabalci and Kabalci [2], distributed generation (DG) initiatives and renewable energy sources (RESs) are both on the rise. Research and advancements in the management of traditional grids have brought attention to the need for systems based on communication. To regulate the source and load management systems, monitor the consumption, distribution, and generation rates, and so forth, these criteria were crucial. Because of this, the smart grid is better now. One modern concept that includes the capacity to monitor and operate grid management systems is the “smart grid,” a phrase that was first used in the early 2000s [3, 4]. Through the integration of both physical and virtual communication networks with the traditional grid, the smart grid enhances the control and communication capabilities of the energy network. According to Kabalcı [1], the smart grid is vital for facilitating the two-way flow of power and communication inside the power network.