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The efficiency, safety, and reliability of the electricity transmission and distribution system of a power grid is expected to be significantly improved via a cyber-enabled energy management. By using smart grid communication technologies that offer dynamic information, the ability to use electricity more efficiently and provide real-time information to utilities is expected to be significantly improved. The specific metering infrastructure that we study in this paper is a smart meter located in suitable places in a power grid offering two way communication regarding various data. In particular, we study the effect of a smart meter with real time monitoring of consumption on energy imbalance, congestion due to constraints on transmission capacity, and the overall stability of the dynamic power market. A market with an elastic consumer is used to evaluate the results. Numerical studies of an IEEE 30-bus are reported to illustrate the overall impact of a smart meter.