With the advent of a new Precision Time Protocol specification, new opportunities abound for clock synchronization possibilities within power grid control systems. The third iteration of the Institute of Electrical and Electronics Engineers Standard 1588 specification provides several new features specifically aimed at complex, wide-area deployments in which situational awareness and control require precise time agreement. This paper describes the challenges faced by existing technology, introduces the new time distribution specification, and provides examples to explain how it represents a game-changing innovation.