The electric grid is in the beginning stage of a transformation, driven by a combination of shutdowns of coal-fired plants, commissioning of new natural-gas plants, and tremendous growth in energy supply from renewables such as wind, and solar. As utilities navigate this transformation, their progress is supported by advances in Operational Technologies (OT), and Informational Technologies (IT), such as automation, smart inverters, cloud computing, mobile computing, machine learning, big data analytics, which have the potential to enable advanced capabilities more efficiently and at a lower cost. This white paper focuses on the architectural considerations that will allow the industry to transition in a planned manner. It introduces and formalizes two architectural constructs –the data bus and the control bus. The data bus is responsible for carrying all non-operational models and information necessary to drive utility decisions. In contrast, the control bus is responsible for carrying all operational data and control actions taken at the local level, centralized level, or other levels in-between. The paper reviews those architectural considerations, their requirements and how they will evolve. This paper intends to provide a context for vendors, utilities, and their service providers to review and understand the changes that are coming and get ready for them.