All member states of the European Union are currently implementing the so-called "third energy market package" to improve efficiency and reliability of the European energy systems and networks. The national grids have to evolve from national managed systems to a high performance European "smart" grid prepared for the challenges of the 21st century. Austria is currently in an advanced stage implementing the European framework into national regulations. Some parts are already implemented (e.g. smart meter requirements) other important parts (e.g. data format and handling) are under development. The national energy authority is implementing this legal framework and exercising market oversight. One of the main goals is to liberalize the energy market and provide the customers more choices to buy energy for a better price/service ratio. In the first part of the thesis, the European and Austrian electrical energy market is analysed. This reflects the status of the current regulations and the market players. Then the impact of smart metering has been analysed with consideration on technical and legal requirements. The second part has focus on the new venture and how the assets can be transformed to a competitive advantage. The main asset of the venture is a cloud-based billing system developed in Europe. The outcome of the analysis is that in an increasingly competitive market a new venture with flat cost structure and new and unique, innovative services has a potential niche. The market entry barriers are low but careful planning is required due to a highly dynamic environment.