In this technical report the authors have explained some key features of "Smart Grid." They have discussed at various levels of electric grid operations. First, the customer level where automatic meter reading, time-of-day and time-of-use meters, customer load controls, etc. are addressed. The report also mentions what important capabilities the new meters and appliances should possess to facilitate the achievement of Smart Grid. Second, distribution level is addressed covering topics like the automation of distribution system, selective load control, distribution generation management and "islanding." Third, the document discusses about transmission level issues such as phase and other advanced measurements, FACTS and other advanced controls and distributed and autonomous control. At last the authors illuminates on the issue of control and vulnerabilities.