This report is an outcome of MetaVu's evaluation of the SmartGridCity™ demonstration project as a third-party. It describes the value created by individual smart grid components. It evaluated the pre-determined value propositions in relation to the smart grid systems that enable them. The lessons learned are organized into the following systems: Distributed Energy Resource Control/Demand Response, Advanced Metering Infrastructure, Distribution Monitoring, Distribution Automation, Integrated Volt/VAr control, Smart Substation Monitoring and Protection, Communications Infrastructure, Information Technology Infrastructure. Value created are include energy use reduction, reliability improvements, new rate options, new service options, etc.