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In this paper the contribution of the mass application of intelligent meters to the optimization of the grid operation is examined. The power system of the island of Crete is chosen: it constitutes the largest autonomous sub-system of Greece with a considerable penetration of renewable energy sources (RES) mainly in the form of wind farms. Various load control scenarios are considered. For each one an economic dispatch algorithm and the optimal power flow using Eurostag is applied. The comparison of the results focuses on three directions: 1) power losses on the transmission lines, 2) operational cost of the system, and 3) CO2 emissions.