As a mature access technology for the communication in smart grid, Ethernet Passive Optical Network (EPON) is widely considered as a promising solution due to high bandwidth capacity and stability. In recent years, EPON technology has received much attention and introduced into smart grid. The particularity of smart grid largely depends on bandwidth allocation. In this paper, we evaluate the performances of smart grid with three bandwidth allocation algorithms, i.e., Poll with Stop (PS), Max and Min Bandwidth Bounds (MMBB) and Cyclic Strategy (CS), respectively. The simulation results in this paper show the advantages of CS algorithm in terms of packet delay and throughput.