A huge set of Smart Grid related standards already exist and is continuously being updated in various technical working groups in various parts of the world. Ongoing EU-funded ELECTRA Integrated Research Programme (IRP) on Smart Grids [1] aims to re-use the existing standards within its in progress activities considering to be in compliance with the standardization groups like CEN/CENELEC/ETSI, NIST and others. Moving towards the implementation of the functional architecture, it is important to be aware of the information to be exchanged and how communication protocols can be used in support of Smart Grid information exchange. Therefore, a reference method needs to be developed for assessing and classifying the ICT interoperability standards and specifications. The existing Common Assessment Method for Standards and Specifications (CAMSS) is thought to be a tool for Public Administration choices of standards, especially for e-government and e-procurement in EU. Despite CAMSS defines an evaluation schema for standards and specifications via an Excel tool, this paper shows that the CAMSS approach needs to be modified and adapted for the goals of ELECTRA IRP. Moreover, the elaborated tool would not only be useful for ELECTRA purposes but it would be used in a broader Smart Grid (SG) perspective as well and also, with some slight adaptations, more in general, for all complex contexts involving a high number of standards (e.g. the Smart City context).