Power systems are undergoing rapid transformation driven by decarbonization, digitalization, decentralization, and rising electricity demand. Innovation and technology management (ITM) is essential for utilities to adopt emerging technologies, integrate renewable energy, and maintain grid reliability. Key innovation areas include renewable and hybrid generation, advanced transmission systems, smart distribution networks, energy storage, and digital solutions such as AI, IoT, and digital twins. Utilities use frameworks like the Technology Life Cycle, Open Innovation, and Dynamic Capabilities to guide technology adoption. However, regulatory constraints, legacy infrastructure, cost barriers, and skill gaps continue to limit progress. Looking ahead, autonomous grid operations, digital substations, hydrogen integration, and grid-forming inverters will define the next stage of the energy transition.