Dear, i am working on the optimization and forecasting of smart grid, using machine learning algorithms and IOT based techniques.

Actually,

Power Quality is an important aspect for successful and efficient operation of existing as well as future grid" Power quality guarantees the necessary compatibility between the sensitive electrical and electronics components to assure an uninterrupted and high-quality supply of electricity in future.

Some examples of problems that occur due to power quality problems are: Automatic Resets, Data Errors, Equipment Failure, Circuit Board Failure, Memory Loss, Power Supply Problems, UPS Alarms, Software Corruption, and Overheating of electrical distribution systems.

The smart grid is expected to revolutionize existing electrical grid by allowing two-way communications to improve efficiency, reliability, economics, and sustainability of the generation, transmission, and distribution of electrical power. However, issues associated with communication and management must be addressed before full benefits of the smart grid can be achieved. Furthermore, how to maximize the use of network resources and available power, how to ensure reliability and security, and how to provide self-healing capability need to be considered in the design of smart grids. In this paper, some features of the smart grid have been discussed such as communications, demand response, and security. Micro grids and issues with integration of distributed energy sources are also considered.

Here is the link of research paper related to your question, Again if you have any problem related to simulation and designing then kindly tell me i will help you with my best.

Article Challenges in the Smart Grid Applications: An Overview

Dear colleague,

I think reading this paper might help you with addressing all your doubts: A Case Study Comparison Between Photovoltaic And Fossil Generation Based On Direct Current Hybrid Microgrids To Power A Service Building (10.1016/j.jclepro.2019.118870) about how to determine the power quality in one facility.

Sincerely yours,

Indices and standards of power-quality for smart-grid, are basically the same as conventional systems

I tend to agree with Prof. Edwin Francisco Forero.

I agree @ Zeashan Khan i.e. Voltage variation, Frequency variation, Voltage unbalance variations, C​u​r​r​ent etc.

Voltage deviation, frequency deviation (both for steady-state and short-term regimes), flicker dose, voltage distortion factor, high harmonics percentage, voltage non-symmetry factors by zero and reverse sequences and some others.

Thanks for sharing your opinions, please you may see the following poster.

This poster is focusing on the limitations and standers of the main power quality indices for the AC grid,

https://www.researchgate.net/publication/340342128