![]() The purpose of this report is to present a methodological framework that will provide a standardized approach for estimating the benefits and costs of Smart Grid demonstration projects. EPRI does not endorse the contents of this report or make any representations as to the accuracy and appropriateness of its contents. By publishing this report, EPRI seeks to contribute to the development of methods that will establish the benefits associated with investments in Smart Grid technologies. The goal of this report, which was cofunded by the Electric Power Research Institute (EPRI) and DOE, is to present a comprehensive set of methods for estimating the benefits and costs of Smart Grid projects. Department of Energy (DOE) to develop its methods for estimating the benefits and costs of its renewable and distributed systems integration demonstration projects as well as its Smart Grid Investment Grant projects and demonstration projects funded under the American Recovery and Reinvestment Act (ARRA). Significant aspects of the methodology were used by the U.S. As such, the report will be of interest not only to electric utilities, but also to a broad constituency of stakeholders. Such methods would be useful in total resource cost tests and in societal versions of such tests. These benefits, including those to consumers, society in general, and utilities, can then be weighed against the investments. The methods developed in this study will help improve future estimates - both retrospective and prospective - of the benefits of Smart Grid investments. Section 5 covers issues related to estimating benefits of the Smart Grid. ![]() Section 4 describes each of the 10 steps in the approach. Section 3 provides a hypothetical example to illustrate the approach. Beginning with the Smart Grid technologies and functions of a project, it maps these functions to the benefits they produce. Section 2 introduces the methodological framework, focusing on the definition of benefits and a sequential, logical process for estimating them. This first section more ยป of the report presents background information on the motivation for the report and its purpose. The report also suggests metrics suitable for describing principal characteristics of a modern Smart Grid to which a project can contribute. The report covers cost-effectiveness evaluation, uncertainty, and issues in estimating baseline conditions against which a project would be compared. The framework identifies the basic categories of benefits, the beneficiaries of these benefits, and the Smart Grid functionalities that lead to different benefits and proposes ways to estimate these benefits, including their monetization. This report presents a comprehensive framework for estimating the benefits and costs of Smart Grid projects and a step-by-step approach for making these estimates.
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