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Oscillations have been observed in power systems from the moment networks comprising multiple generators were interconnected in order to provide more power capacity and reliability. They are typically poorly damped, however, not dangerous as long as they do not become unstable. An algorithm for fast real-time detection and stability assessment of dominant electromechanical oscillations utilising Kalman filtering techniques, is presented. First results of its successful implementation on a recently developed industrial wide-area monitoring system are shown using measured data recorded during the resynchronisation of two major European power networks.