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To celebrate the beginning of the 21st century, the National Academy of Engineering compiled a list of twenty accomplishments that have affected virtually everyone in the world. The internet took thirteenth place on this list, “highways” were ranked eleventh, but the most important engineering achievement of the 20th century was the development of the present electric power grid. Only 10 years later we forgot this and inventing a new so-called Smart Grid that supposed to revolutionize Electrical Power Distribution by applying latest achievements of Information and Communication Technologies. This presentation focused on how we can make the existing Power Grid better by applying the latest IEEE Standards.