In POWER GRIDS many issues are involved, namely, storage, generation, quality (fluctuating frequency, fluctuation in power voltage), distribution, power consumption and deciding the rates at which customer needs to be charged. Complexity of power grids is very high, namely storage, generation and distribution; and in it role of technocrats is very high. Aging assets and lack of resources to repairs and maintenance is a very big issue. In this paper, we focus primarily on revenue management by the use of SMART GRIDS, and also suggest a plan for SMART GRID implementation.