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Smart Grids are highly complex systems where largely varying bi-directional energy flows, e.g. resulting from the connection of renewable energy sources to the grid, are affecting grid stability and thus the reliability of our future energy supply. Monitoring of the grid system state and stability strongly relies on the availability of reliable measurement data. An important prerequisite for reliability is traceability. This means that measurement results can be traced to international measurement standards via an unbroken chain of measurements with increasing accuracy level. Given the global character of trade, also in the area of smart grids, worldwide comparability and recognition of test and calibration data is crucial. To this end, the national metrology institutes that are at the top of the measurement infrastructure within their countries have made a global mutual recognition arrangement to substantiate this comparability and recognition. This arrangement forms an indispensable sound basis for both the adequate development and the reliable operation of smart grids.