Smart bombs, smart phones, smart cars. Smart is everywhere you look, so it's not surprising that the smart grid sounds like a good idea.

But ask most people what it means, including those in government, and they probably can't give you a straight answer. With a new proposal, the U.S. Federal Energy Regulatory Commission is making crucial progress toward setting the "rules of the road" for the modern grid.

Definitions of a smart grid vary widely. For generators, it can mean minimizing transmission losses. For states and regulators, it can mean better integration of regional providers. For consumers, it's often access to information about their energy use and power rates. For geeks, it means home gadgets with web 2.0 features to control power use, as well as renewable power that is easily plugged in. To FERC, a smart grid means all of these things and more and it's goal is to provide standards for implementing the projects that will revolutionize power delivery.

“Prioritizing the development of key standards will speed up the process of achieving an interoperable smart grid,” Commissioner Suedeen Kelly said. “Also, our proposed policy will require the sharing of information associated with smart grid deployments with the Smart Grid Clearinghouse being developed by the Department of Energy. This will help to demonstrate the real benefits that investing in a smart grid can bring to the public.”

FERC will be taking comments on it's proposed policy statement for 45 days, after which it will produce a final set of guidelines. And if you're a bit of a smarty pants yourself, you contribute and have a say in America's electric revolution.