A technology platform that is gradually bridging the gap between object visibility and remote accessibility is the Internet of Things (IoT). Rapid deployment of this application can significantly transform the health, housing, and power (distribution and generation) sectors, etc. It has considerably changed the power sector regarding operations, services optimization, power distribution, asset management and aided in engaging customers to reduce energy consumption. Despite its societal opportunities and the benefits it presents, the power generation sector is bedeviled with many security challenges on the critical infrastructure. This review discusses the security challenges posed by IoT in power generation and critical infrastructure. To achieve this, the authors present the various IoT applications, particularly on the grid infrastructure, from an empirical literature perspective. The authors concluded by discussing how the various entities in the sector can overcome these security challenges to ensure an exemplary future IoT implementation on the power critical infrastructure value chain.