Smart grids are the oncoming generation of power grids, which rely on information and communication technologies to tackle decentralized and intermittent energy sources such as wind farms and photovoltaic plants. They integrate electronics, software information processing and telecommunications technical domains. Therefore the design of smart grids is complex because of the various technical domains and modeling tools at stake. In this article, we present an approach to their design, which relies on model driven engineering, executable models and FMI based cosimulation. This approach is illustrated on the use case of an insular power grid and allows to study the impact of power production decisions