This paper has consolidated recommendations regarding various smart grid topics, such as, architecture, storage, stability, interoperability, privacy, cost recovery, etc. It then describes each of these topics in details with context, background and recommendations. It provides an overview of state and select international smart grid activities. It elucidates how smart grid can address load balancing needs, integrate renewable energy generation through storage, and ensure that myriad forms of communication and control technology can interact well together across an end-to-end smart grid. The authors envision that increase in deployment and usage of renewable distributed generation will result in increased energy storage requirement. Potentials of electric transportation, especially those of PHEV, are discussed and recommendations are given.