This document provides an overview of smart grid technology. It begins by describing the conventional power grid and its drawbacks, such as aging equipment, obsolete systems, and lack of storage. It then introduces the smart grid as an infrastructure that supports advanced electricity generation, delivery, consumption, metering, monitoring, management, and communication technologies. Key differences between the conventional and smart grids are discussed. The document outlines various components that can be made smart, such as generation, transmission, distribution, and consumption. It proposes using optimization techniques and algorithms like genetic algorithms and particle swarm optimization to design an energy efficient and cost effective smart grid model.