The master's thesis describes the concept of an advanced grid and its difference from the present, convencional grid. Advanced components within advanced grid and their role in improving the reliability, efficiency and sustainability of the power grid are defined. This thesis provides insight into the understanding od components and their contribution to a more modern and sophisticated system. The master's thesis consists of two main parts, the theoritical part and the practical part. The theoritical part provides a detailed description of various components of an advanced grid, such as smart devices, smart sensors, energy storage systems and advanced measurement systems. The structure of their management, advantages and challenges of integrating these components in the context of advanced grid are described. The practical part of the master's thesis includes the making of a substitution scheme for an assembled cabinet in the building of the Faculty of Electrical Engineering, Computer Science and Information Technology in Osijek, which represents a microgrid. In addition to the substitution scheme, the practical part describes the smart meter ET340, its installation and connection with communication devices. The measurement of electrical quantities essential for the operation of the microgrid and their analysis are also described. The measurements include energy exchange with the grid, production from the photovoltaic system, power exchange with the battery, state of charge and energy consumption, all of them were performed during a 24-hour measurement period. By combining theoretical knowledge with practical measurements and their analysis, the master's thesis offers a comprehensive exploration of advanced components in advanced grids.