Despite today's economic challenges, the time is now to make big investments in the next generation of energy systems such as the Smart Grid. With an ever-growing mix of energy sources coming online, as well as distributed energy sources being installed in neighborhoods and business parks, smarter and more automated systems are a necessity to realize performance objectives such as cost minimization, demand management, carbon footprint reduction, and reliability. Richard O'Neill, Chief Economic Officer for FERC, will discuss opportunities for technology development and the Commission's role in helping to optimize the performance of electrical grids.