Innovative technology has brought marvelous revolution in an electrical industry. It made it possible for the grids to integrate with centralized and decentralized power generation systems. With the help of digitalized technology traditional grid can be transformed into smart grid which enables smart devices to interact with each other, measuring and evaluating the integrity and health of electric grid. Technology has the capability of preventing energy theft, eliminating the billing estimation system, automatically taking a meter reading and enabling the grid to indicate the disturbance and faults. Furthermore, energy storage technologies have a high capability to integrate with renewable energy sources which help to mitigate the demand for electricity.