The Introduction of Smart Meters (SMs) is one of the fundamental changes for the intelligent power grid. SMs provide input data from the electricity customers, which might also be a local electricity producer, also called prosumers. This article proposes novel strategies using an energy management system (EMS) to enhance economic value for the prosumers and for the network operators in terms of reliability performance and flexibility of the electricity power grid. These strategies, referred to as behind the meter strategies, could be influenced, e.g., using a battery energy storage system (BESS), plug-in electric vehicles (PEVs), and various alternatives of local electricity generation like solar photovoltaic (PV) or wind power. Using remote sensing and the reading functionality of SMs, the BESS can be intelligently managed by an EMS that uses the BESS resource for multiple ancillary services, thereby generating additional value from the present resource.