Competitive markets will provide the best environment for the implementation of new technology, clean energy, and carbon reduction strategies, according to COMPETE's Smart Grid Policy Statement.

COMPETE 's Smart Grid Policy document illustrates that both at the wholesale and retail level, competitive markets encourage innovative solutions required to meet America's electricity needs and environmental objectives.

“The emerging spectrum of smart grid technologies promises to transform how electricity is delivered and consumed, offering enormous potential in terms of economic savings and energy efficiency,” said Suedeen Kelly, former Federal Energy Regulatory Commissioner and public policy and regulatory department co-chair in Washington office of Patton (News - Alert) Boggs, in a statement.

The document focuses on how competitive markets for electricity offer the best platform for electricity customers to benefit from emerging energy-management and energy-efficiency smart grid technologies.

“If consumers are to fully realize the tremendous potential benefits of smart grid, it will be through competitive markets that provide appropriate price signals and the opportunity to become active market participants,” said Bill Massey, former FERC Commissioner and Counsel to COMPETE.

Besides discussing on the competitive environment, the Smart Grid policy statement has given thrust on the following: customers should have access to transparent price signals; energy usage data is a fundamental input to energy management services; customers should have access and control of their energy usage information and customers should have the option to become market participants.

Recently, Research and Markets  announced that TechNavio's analysts forecast the Global Smart Grid Cyber Security market to grow at a CAGR of 20.8 percent over the period 2010-2014.

The growing number of compliance requirements will contribute to the growth. The Global Smart Grid Cyber Security market has also been witnessing an increase in cyber security spending. However, lack of standardization will be a challenge to the growth of this market, the report said.