The use of energy from renewable sources is growing, and a transition in the energy supply is expected. Yet, this renewable energy is uncontrollable and can cause unbalances in the electricity system. To implement renewable energy, smart grids are required to match supply and demand. Although the industrial sector is already involved in management of the power system, a large potential can be found here. Flexibility in the consumption of energy can have economic value; concepts for flexible energy consumption are given and business models for smart grid applications are investigated. In a case study, an example is given of a smart grid application for a collective heat/cold network on an industrial site. An agent based simulation model optimizes the energy use, resulting in increase of the use of renewable energy and a vast reduction in costs.