Abstract-In-network caching is a key feature of contentcentric networking. It is however a relatively costly mechanism with hardware requirements besides placement/replication strategies elaboration. As content-centric networking is proposed in the literature to manage smart grid (SG) communications, we aim, in this research work, to investigate the cost effectiveness of in-network caching in this context. We consider, in particular, the Advanced Metering Infrastructure (AMI) service that comes into prominence since its outputs are imperative inputs of most smart grid applications. In this research work, AMI communication topology and data traffic are characterized. Corresponding simulation environment is then built. Thereafter, various placement and replacement strategies are compared in a simulation study to be further able to propose a suitable cache placement and replacement combination for AMI in Smart Grid.