Low-voltage distribution grids face several challenges due to the high penetration of renewable energy sources, the increasing demand (electrification of thermal and transportation sector), and the limited observability (absence of smart metering infrastructure). These challenges impose problems regarding the integrity, stability, power quality and efficiency of distribution grids. Therefore, intelligent solutions are required in order to overcome these problems. This paper proposes a centralized control scheme for phase balancing of low-voltage distribution grids at the substation level. The proposed solution utilizes the advanced capabilities of the grid tied inverters of photovoltaics and storage systems to increase the utilization of distribution lines and to compensate the asymmetric loading conditions of the substation. The solution is based on only one smart meter installed at the distribution substation and utilizes available information and communication technology infrastructure to integrate the solution. The solution achieves significant benefits for the distribution grids, especially regarding their power quality and the effective utilization of their capacity.