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ldquoSmart gridrdquo is a relatively new term that refers to the application of information technology to power systems. Due to the complexity of such systems; the possibilities have yet to be clearly defined. Drawing a clear distinction between one grid configuration being ldquosmartrdquo and another failing the criterion is not realistic. Instead, it is much more practical to consider the ldquosmart gridrdquo as a term defining opportunities to improve the operation of the power system. One of the key features of a smart grid is the ability to utilize information to make better operational decisions. This paper proposes that significant improvements can be made to the operations of a smart grid by providing information about the likely behavior of renewable energy - through both online short-term forecasting and longerterm assessments.