Abstract
The relentlessly depleting fossil-fuel-based energy resources worldwide have forbidden an imminent energy crisis that could severely impact the general population. This dire situation calls for the immediate exploitation of renewable energy resources to redress the balance between power consumption and generation. This manuscript confers about energy management tactics to optimize the methods of power production and consumption. Furthermore, this paper also discusses the solutions to enhance the reliability of the electrical power system. In order to elucidate the enhanced reliability of the electrical system, microgrids consisting of different energy resources, load types, and optimization techniques are comprehensively analyzed to explore the significance of energy management systems (EMSs) and demand response strategies. Subsequently, this paper discusses the role of EMS for the proper consumption of electrical power considering the advent of electric vehicles (EVs) in the energy market. The main reason to integrate EVs is the growing hazards of climate change due to carbon emissions. Moreover, this paper sheds light on the growing importance of artificial intelligence (AI) in the technological realm and its incorporation into electrical systems with the notion of strengthening existing smart grid technologies and to handle the uncertainties in load management. This paper also delineates the different methodologies to effectively mitigate the probability of facing cyber-attacks and to make the smart grids invulnerable.