Power Usage Optimization in Smart Grids using AI and IoT

This review paper explores the pivotal role of Internet of Things (IoT) technology, particularly through the deployment of smart meters, in addressing the complex challenge of balancing supply and demand within power grids. By collecting and analyzing real-time data on power usage, smart meters provide invaluable insights that enable grid operators to make informed decisions and optimize grid operations.The paper delves into the various applications of IoT and smart meters in grid management, including demand response programs, peak load forecasting, energy efficiency optimization, and integration of renewable energy sources. It discusses the technical aspects of IoT implementation, such as communication protocols, data analytics and deploying ML models to meet the power demands. This study outlines the importance of wireless sensor networks (WSNs) and how it goes hand in hand with IoT in monitoring, tracking, and sensing various environmental activities [1]. The proposed model incorporates Long Short-Term Memory (LSTM) algorithms to predict power demand accurately which enables efficient power management. Furthermore, the paper evaluates the benefits and challenges associated with the adoption of IoT and smart meters in power grids, highlighting the potential for improved grid reliability, efficiency, optimization, and sustainability.Overall, the objective of this review is to provide an in-depth overview of how IoT and AI-based smart meter technologies optimize power usage, improves grid reliability and promotes energy sustainability. This paper also evaluates the benefits and challenges associated with the adoption of IoT and smart meters in power grids, highlighting the potential for improved grid reliability, efficiency, optimization, and sustainability.