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Time lags occur in a vast range of real-world dynamical systems due to finite reaction times or propagation speeds. Here we derive an analytical approach to determine the asymptotic stability of synchronous states in networks of coupled inertial oscillators with constant delay. Building on the master stability formalism, our technique provides necessary and sufficient delay master stability conditions. We apply it to two classes of potential future power grids, where processing delays in control dynamics will likely pose a challenge as renewable energies proliferate. Distinguishing between phase and frequency delay, our method offers an insight into how bifurcation points depend on the network topology of these system designs.