In existing power grid, the currently used power meters, are either electronic energy meters or electro-mechanical meters and are limited to record power/energy up to KWh unit only. One of the drawbacks of these power grids is that out of the total power production, 26% of energy gets lost because of various reasons such as power theft, blackouts, etc. To fulfill the continuous drastic demand of energy production and consumption, a new generation power grid is required, which should include communication and information technology (ICT) along with distributed power generation (like solar power and wind power). The concept of a new generation smart power grid, so-called Smart Grid, has been gaining continuous rapid attention worldwide. Smart Grid is considered as a system that can supply bi-directional flow of electricity and information, with better power grid reliability, security, and efficiency of the electrical system from generation to transmission to distribution. To meet the requirement of Smart Grid we require the most fundamental components like Smart Meter, in the intelligent energy networks (IENs). Smart Energy meters are used to control and monitor home appliances and other devices by providing two-way communications among them. This paper reviews the basics of Smart grid and development and deployment of communication technologies used among various Smart Grid components/networks and provides an insight into the current research on Smart meters with some guidelines and future directions for IENs.