One of the main benefits of the Smart Grid is increased reliability. Investing in Smart Grid technologies that improve reliability may have a good benefit-to-cost ratio or not, it will depend on the value of the improvement and the avoided outage or interruption costs. Examples of such technologies are; automatic outage restoration systems, Wide Area Monitoring, energy storage at distribution level, geographic information maintenance systems, advanced protection systems, etc.
The cost to improve reliability follows an somewhat exponential curve, as having a 100% reliable system is close to impossible, the cost is close to infinite. This leads to an asymptotic curve towards the end. Something like this: