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Due to the strong impact of the deregulation of the electricity sector there is a growing need for the correct and timely information from different parts of the system. The introduction of an increasing number of modern intelligent electronic devices enables the interaction between devices in the electric power facility. This enables vertical and horizontal multi-dimensional data exchange. Different generations of different devices with their proprietary communication solutions prevent the establishment of free data and information exchange. Need for standardization of communication within the power system has resulted in the emergence of new standards. The increasing emphasis on ecology and sustainable development lead to a continuous growth of renewable energy sources. With the growing number of distributed energy resources on the power grid there is a need to establish a new model for process information system. This paper gives an overview of new technological solutions and standards that enable more efficient utilization of all available resources. Basic building blocks for the modeling process are presented. Certain specifics of distributed energy resources that affect the modeling process of information system for modern electric power system are presented in this work.