In recent years, Russian power grid companies have significantly intensified their planning and implementing innovative projects to introduce various elements of smart grid technology. The global experience shows that the best potential outcome from smart grid technologies largely relies on the customers’ readiness and adoption. To this end, we assess the Russian consumers’ awareness and readiness regarding smart grid technologies by conducting a comprehensive survey. Our empirical study showed that, in general, Russian consumers are unaware of the various aspects of smart grid technologies. On the contrary, a significant share of respondents believes that smart grid technologies can reduce their energy consumption burden through gaining efficiency. The low level of awareness would be detrimental to accrue smart grid innovative projects’ potential socio-economic and environmental benefits. We propose several recommendations for policymakers and managers of grid companies for the elimination of the identified risks. © 2021, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.