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Smart grids are expected to be one of the solutions to the new challenges of the European electric systems. However, no global study on costs and benefits of smart grids has been conducted up to now, both at European and at national scales. This paper aims to give an overview of the main characteristics and lessons learnt of cost-benefit analysis implemented in Europe for smart grids and the integration of distributed resources. The study is focused on the methodological aspects and is based on the analysis of two types of project. On the one hand, this paper analyses the economic appraisals of European demonstration projects, and on the other hand, it studies the economic assessments of demonstration projects and economic simulations implemented on a national scale1.