Problems of economical efficiency, reliability, impact to environment for energy production and consuming systems became very topical in the connection with dynamic development and complication of electric power systems, growth of cities, and development of new infrastructures. Even short interruption of energy supply is very dangerous for such systems. Large blackouts, happened in some countries, caused great damages and even victims. There is a tendency in increase of energy production expenses. In some countries there is still drawback of electrical energy. Increase the efficiency of electrical energy production and distribution lead to the change in electric power system structure and use of market approach. However there are contradictions between reliability, impact to environment and efficiency. Indeed there should be large expenses for different types of reserves, maintenance of emergency automation, increase of transmission line capacities and creation of renewable energy sources. Problems of economical efficiency, reliability, impact to environment should be solved for continuously variable conditions. Let us use abbreviation for electric power system efficiency criterion – EEC. It is obvious that the change of electric power system's functioning conditions includes wide time diapason. This diapason is from milliseconds for wave processes to years for introduction of the new generating facilities. Depending on the electric power system functioning conditions EEC value determination is variable. For fast acting processes human-operator is not able to take rational control decision. Control process should be automatic. For slow processes is possible to perform complex calculations and modeling. For considered doctoral thesis fast operational processes are considered when decision for control should be performed by automation devices. Large technical and economical effect is provided during smart grid methodology application for power system control. Synthesis and analysis of smart grid application for control system is presented in doctoral thesis. The use of market conditions for electric power system operational control results in contradictions in strivings for controversial EEC. For example, trend to increase an economical efficiency can result in recommendation to increase permissible overload of transformer, transmission line and other power equipment. This will minimize reserves for providing of static, dynamic and thermal operational conditions or recommends to use only fossil fuel that will maximize influence of energy production to environment. Nowadays control of power system causes necessity to fulfill multi criteria optimization tasks. There are at list four goals for control: 1. Increase of economical efficiency; 2. Increase of reliability level; 3. Minimization the influence to environment; 4. Improvement of sustainability. Complexity of power engineering problems and limited technical resources were the reason that many scientific investigations in 20 century were limited with simplified optimization approach. Usually one or two parameters were considered as optimization goals, but others were considered as limiting conditions. In considered doctoral thesis all goals are considered as criterion functions. This is very topical approach. So called Smart Grid technology approach can be used as solution for development of a new power system control methods and systems. Part of this approach is considered in doctoral thesis as investigation objective.