In this paper, we propose a multi-authority attribute-based signcryption scheme with efficient revocation for smart grid downlink communications. In the proposed scheme, grid operators and electricity vendors can send multicast messages securely to different groups of consumers which is required in different applications such as firmware update distribution and sending direct load control messages. Our scheme can ensure the confidentiality and the integrity of the multicasted messages, allows consumers to authenticate the source of the multicasted messages, achieves and non-repudiation property, and allows prompt revocation, simultaneously which are required for the smart grid downlink communications. Our security analysis demonstrates that the proposed scheme can thwart various security threats to the smart grid. Our experiments conducted on an advanced metering infrastructure (AMI) testbed confirm that the proposed scheme has low computational overhead.