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The operation, planning and control of electric power systems are complex processes by nature. In last decades such complexity has posed many challenges to power engineers and decision-makers who in the way of getting approachable solutions have fingered multi-objective optimization as a valuable tool for tacking down every-day problems. Power systems related problems have been normally solved by implementing a composite objective function built using "weights". In such way, a multiobjective optimization problem is transformed into a single objective problem Although this strategy brings acceptable solutions, it should be kept in mind that throughout conversion process some information is lost and such strategy is not expected to provide a robust solution or even provide some help to trace solutions borderline efficiently. This paper presents multiobjective optimization applications in today's transmission and distribution networks solutions and also fingers to the next challenges to overcome in such areas.