Transformations in the global power industry are sending waves of change over the energy landscape. Advancements in generation, delivery, and storage technology and new ways of managing power systems of various scales are opening up new opportunities for the development of both conventional and renewable energy. In addition to the basic elements of the power industry generation, distribution, and consumption the new element of storage is emerging, which is capable of re-formatting the system and transforming electricity from a service to a tradable commodity. The introduction of smart networks and digital substations, the development of customer services, and solutions for commercial accounting of bidirectional energy transactions for power-generating consumers are all not only driving a shift towards smart power systems, but also setting up serious changes in the global energy mix. How should Russia act, within the scope of its energy policy, to accommodate these trends? How can maintaining the competitiveness of conventional energy exports be smoothly combined with participating in the sectors IT race? How can Russia become a global leader in providing technological solutions for the smart power industry of the future?