Smart grid at the moment means different things to different people.To power engineers it means DSM/DMS , Automatic meter reading etc and better system planning , forecasting ,Better Automation etc, better voltge control and VAR etc ,to others On OT side it means, operation of networks,reduction of losses in lines/ disconnection of non-paying customers, billing as per time of the day, catching energy thiefs, to Renewable Engineers it means connecting their appratuses in the network and meter it,To consumer it means getting online info on consumption and bill and tariff etc.To the effeciency people it means knowing the effect of what they are advising and revising their advice , To IT people and communication people it means developing new solutions and building communication networks.and to service people it means diagnoistic maintainence and service calls etc.
You will notice that much of it exists in one form of the other already.As far as renewables are concerned the problem lies in their consistency which also will be overcome with time.The point is all this is sought to be done using IT- reducing the manual effort.In fact such a scenario was predicted some fifty years ago .What has happened is that climate change has effected this and now with the distributed generation coming up becoming affordable in near future
how far all this will go is a mute question.When computer came the big computer gave way to small desk top which is now owned indivisualy.So when small renewable devices will appear that produce energy at the cost of coal fired how many will take this grid Energy?