This research addresses cyber threats to smart energy grids. This research identified and characterized threats to electric-power grids by analysis of traffic in a simulated grid. We deployed a high-interaction honeypot that simulates a grid named GridPot. Network-traffic captures and honeypot-activity logs were analyzed to demonstrate the effectiveness of our honeypot at collecting intelligence for threat analysis. This study will contribute to the efforts of the Department of Defense and Department of Homeland Security to protect U.S. critical infrastructure from cyber threats.