Modern society has reached a point where virtually every crucial economic and social function depends on the secure and reliable operation of the electrical power and energy infrastructures. The energy consumption growth and the population growth are pushing world’s total energy consumption to double by 2050. This represents grand challenges and opportunities for power electronics and electric power systems engineers to modernize the power grid. Power electronics& systems(PEAS) technology is increasingly important for smarter distributed systems, particularly for power grid modernization. This paper discussed smart technology solutions, such as PEAS, for the changing nature of the electric power system. Specific technical challenges that are facing the power electronics and electric power systems communities are then elaborated. It is shown that we can meet the grand energy challenge by leveraging the grid modernization efforts. To provide electric power to twice as many people does not have to increase the required environment footprint.