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The Wide Area Measurement System (WAMS) is a smart, automatic network that applies real-time measurements in intelligent, automatic control systems to operate a reliable, efficient, and secure electric transmission infrastructure. WAMS is in place in the West, where it continuously monitors grid performance across the power system. It provides operators with high-quality data and analysis tools to detect impending grid emergencies or to mitigate grid outages. A prototype real-time network will be established in the Eastern interconnection, with possibly a dozen measurement units feeding a data collection server by the end on this calendar year. Ultimately, WAMS will monitor the grid parameters in real time, facilitate calculating locational margin prices in real time to support market designs, and assist in providing customer price transparency.