ABSTRACT
This chapter takes stock of changes in the power industry over the past 5 years, where it stands as of 2016. More specific to the goal of grid modernization, creating a robust, flexible, scalable grid meets both utility and public goals. The chapter illustrates how developments in policy, technology, and standards have, in general, enabled a market for utilities pursuing grid modernization and, in particular, the market-driving force for infrastructure spending. A holistic approach to grid modernization, as described in this high-level view, sounds clear-cut. And the guiding principles and pragmatic processes enumerated earlier can inform methodical actions and successful outcomes. But it's realistic to acknowledge the macro-challenges taking place well beyond the individual utility's purview and that are nearly ubiquitous across the power industry landscape. The efficacy of power electronics in different distribution substation components underscores why the power industry should more closely integrate the currently separate disciplines of power electronics and power system automation.
