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Smart grids are smart grids because they don't only transport electricity but also information that will become an active part of the electricity supply system. Smart grid evolution has, thus, a lot to gain through the exploitation of emerging Future Internet networking technologies for the efficient collection and management of the acquired information. The capabilities for interconnection of numerous intelligent networking devices, the advanced monitoring and control of dynamic networking infrastructures and the efficient handling of large volumes of data are research areas that have direct applicability into the smart grid design and operation. This article presents our insights for the design of a novel and open overlay networking architecture for leveraging end-to-end interconnection of physical or virtual objects, for achieving decentralized data management, and for providing distributed services in smart grid environments. The proposed architecture follows a layered-approach and extends or adapts a set of existing overlay and IP protocols. In addition, a smart grid business-oriented scenario is briefly presented in order to explain how future technologies may be used to fulfill contemporary society needs.