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The article reviews the aspects of smart grid development. The concept and visions of a smart grid are outlined regarding it as an up-to-date and modern power network. The matters of legal regulation are discussed. It is shown that the major form of smart grid development at the current stage is pilot projects. It is highlighted that the smart grid development in Europe takes place as a natural technological advancement rather than a pursuit of a mandatory EU policy. The general framework of smart grid development composed of R & D and infrastructure projects is presented together with the chart of funding sources. The prospects of integrating the smart technologies into transmission and distribution networks in Lithuania are presented. The benefits expected from the smart grid development for customers, operators, business entities, and society are discussed. It is noted that the Smart Specialization Programme launched in Lithuania is a promising instrument and can significantly foster the consolidation of Lithuanian science and business efforts on a way to smart grids. In this new and broad perspective, a number of high technology companies engaged in the development of smart grid solutions are to grow, and it will contribute to the extended supply of Lithuanian products with a higher added value, as the European Commission specifically recommends. [ABSTRACT FROM AUTHOR]