The present invention is directed to a method of (1) providing continuous monitoring of various operating and environmental characteristics using RFID technology or similar wireless technology and (2) capturing data on historical events that have occurred on the circuits used for the transmission and distribution of electric power. The invention has the additional capability to communicate the information to operators at the site, in remote locations, or to other equipment (peer to peer). The invention provides a low cost method and apparatus to monitor and store operating characteristics and events on the electric power distribution circuit. The information can be used to reduce the duration of outages, for improving system reliability, to study the impact on the power grid of various environmental factors, to enhance the ability to react to operating conditions such as overloads, etc.