This paper presents an overview of smart grid (SG) technology features such as two-way communication, advanced metering infrastructure (AMI) system, integration of renewable energy, advanced storage techniques, real time operation and control, data management and processing, physical and cyber security, and self-healing, etc. The SG technology allows twoway communications for better reliability, control, efficiency and economics of the power system. With these new SG technologies, consumers have many energy choices, such as use of renewable energy, usage management, flexible rates, electric vehicles (EVs), etc. The requirement of these technologies is the real time operation, and the SG accommodates this realtime operation and control. SG technology allows distributed generation through demand response and energy efficiency technologies to shed the load demand. However, it’s very difficult to adopt these changes to the conventional grids. Utility companies, governments, independent system operators (ISOs) and energy regulatory commissions need to agree on the scope and time frame of these changes.