Smart grids are a new trend in electric power distribution, which has been guiding the digitization of electric ecosystems. These smart networks are continually being introduced in order to improve the dependability (reliability, availability) and efficiency of power grid systems. However, smart grids are often complex, composed of heterogeneous components (intelligent automation systems, Information and Communication Technologies (ICT) control systems, power systems, smart metering systems, and others). Additionally, they are organized under a hierarchical topology infrastructure demanded by priority-based services, resulting in a costly modeling and evaluation of their dependability requirements. This work explores smart grid modeling as a graph in order to propose a methodology for dependability evaluation. The methodology is based on Fault Tree formalism, where the top event is generated automatically and encompasses the hierarchical infrastructure, redundant features, load priorities, and failure and repair distribution rates of all components of a smart grid. The methodology is suitable to be applied in early design stages, making possible to evaluate instantaneous and average measurements of reliability and availability, as well as to identify eventual critical regions and components of smart grid. The study of a specific use-case of low-voltage distribution network is used for validation purposes.