Utility industry has been faced with disruptive changes in their value creation process over the last decade. New technologies and regulatory pressure change the business models in the utility sector on a broad scale from power generation to utilities retail business on international markets. As a consequence utility companies need to provide complex product-service systems (PSS) to their customers in order to cope with growing customer needs on service as well as on product level. Successful player are currently introducing new product development techniques being capable to orchestrate innovation processes in complex business networks with multiples partners. As a result those companies can meet the growing need for product individualization. The foundation for implementing such a product development concepts is a comprehensive description of such Smart Energy Products, which enables different suppliers to collaborate effectively and efficiently. In this paper a conceptual product model for Smart Energy Products will be proposed as a foundation for a holistic PLM for the utility industry.