Smart Grid envisions improving the efficiency, reliability, quality, security, economy etc. of the electric energy systems to meet the 21st century demands. As the major concern in 21st century is the environmental impact, it is very essential to make the present grid eco-friendly. This paper presents the research carried out in these issues and also on the latest technologies in smart grid. Smart Grid features such as self-healing, eco-friendliness, are presented in this paper, with detailed discussions on substation automation, demand response, and distributed energy resources © 2012 IEEE.