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This dissertation was written as a part of the MSc in ICT Systems at the Internation-al Hellenic University. This dissertation can be dissected into two parts. The first part includes chapters one to five and is a rich bibliographical research about Smart Grid, Demand Response, Demand Response standards and Admission Control. The second part includes chapters six to eight and is about the proposed by this work Demand Re-sponse algorithm for grid reliability using Admission Control for a fair scheme. The first chapter is a short introductory chapter that elaborates upon the Thesis mo-tivation, contribution and organization. Chapters two to five are a thorough bibliograph-ical research about Smart Grid, Demand Response, Demand Response standards and Admission Control. More specifically, the current state of affairs of the Smart Grid and Demand Response are showcased. Also, the state of the art Demand Response standards are analyzed in depth and various implementation cases are explored. Finally, the theory of Admission Control algorithms is documented. Chapters six to eight are about the proposed by this work Demand Response algo-rithm for grid reliability using Admission Control for a fair scheme. More specifically, a complete description and mathematical foundation is offered. Also, the simulation of the proposed algorithm is showcased and finally an in depth discussion about the results derived from the simulation is held.