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The electric power system delivery has often been cited as the greatest and most complex machine ever built. The original design of the power delivery system is particularly vulnerable. Power plants were located so as to serve the utility’s local residential, commercial and industrial consumers. Under deregulation of wholesale power transactions, electricity generators, both traditional utilities and independent power producers, were encouraged to transfer electricity outside of the original service areas to respond to markets needs and opportunities. This can stress the transmission system far beyond the limits for which it was designed and built. These constraints can be resolved but they require investment and innovation in the use of power delivery technologies. The majority of delivery systems in different countries (transmission & distribution) is largely based upon technology developed years ago. In the meanwhile, electricity demand grows all the time. The total dependence of our society on electricity is obvious and the role of electricity is so inherent, that we do not even think about it. However, electricity has to be produced, and for the most part it has to be produced now, right at this moment. [26] Surely, electricity can be stored, for example in the use of hydro power, when large reservoirs of water contain “electricity” available for future use. Generally, storing electricity is possible, but not very efficient, nor for very long periods of time, nor in large amounts. The reserves for the fossil fuels are limited. At the current rate they will not be exhausted for a few decades, but they will become a more and more marginal source of energy. Even prior to that, the price of using the fossil fuels will substantially increase because of the higher costs for acquiring them and the carbon taxes levied on burning of them. There is a limit for the available amount of many non- combustion and renewable energy sources. For example, the rivers suitable for hydropower plants are in many countries already harnessed for energy production. Wind and sunlight are practical only 5 in areas having strong winds and a lot of sunshine. Nuclear fission power contains potential risks, in the long run because of the radioactive waste and, more immently, because of accidents. All these potential and real problems mean that a sustainable solution for the problem of meeting the increasing need for energy, and especially electricity is imperative. It is impossible for the solution to be just increasing the production of electricity with potential increase in the severity of the problems [7]. So, the challenge is as follows: for he needs of a dramatically growing world population with the simultaneous reduction in fossil power sources, a proper way must be found to provide reliable and clean power. This must be done in the most economical way. [32] Consequently, we have to deal with an area of conflicts between reliability of supply, environmental sustainability as well as economic efficiency. The combination of these three tasks can be solved with the help of ideas, intelligent solutions as well as innovative technologies, which is the today’s and tomorrow’s challenge.