The E-LAND concept uses the smart grid concept with a great potential to optimize the management of energy consumption. However, applying modernization of the management introduces new risks to relevant stakeholders, from energy producers to energy users. In order to protect all the stakeholders by providing effective controls to the risk in smart grid system, a risk analysis is conducted to evaluate the hazard, threats and vulnerabilities that are introduced into energy critical infrastructure. As a large variety of risk analysis methods are available, spotting the appropriate methodology in the E-LAND project is not obvious considering the number of Business Uses cases and Technical requirements. In this article, we present the risk assessment approach applied in the currently performed E-LAND project, which can be used to determine the risks associated with an architectural concept smart grid that includes both traditional systems and novel ICT concepts. Risks and vulnerabilities are identified at a sufficiently detailed level to provide mitigation input to the architecture design, starting from the use case level. The resulting mitigations and recommendations are based on a sound understanding of cybersecurity risks and have been given to design for implementing. This paper addresses the challenges in applying risk analysis methods as well as work process and describes how these challenges were met.