This paper, the first part of a two-part series, explores the potential value of Multi-Agent Systems (MAS) in power engineering. It examines fundamental concepts and approaches within the field of multi-agent systems, reviews meaningful power engineering applications where MAS are being investigated, and identifies technical issues that need to be addressed to facilitate the adoption of MAS in the power and energy sector. The paper also discusses the engineering drivers behind the use of MAS and their benefits, comparing MAS with existing technologies such as web services, grid computing, and intelligent systems techniques. Additionally, it highlights the need for appropriate standards and guidance for developing MAS in power engineering, which will be addressed in the companion Part 2. The paper concludes by discussing the technical challenges that must be overcome for effective implementation of MAS in power engineering.This paper, the first part of a two-part series, explores the potential value of Multi-Agent Systems (MAS) in power engineering. It examines fundamental concepts and approaches within the field of multi-agent systems, reviews meaningful power engineering applications where MAS are being investigated, and identifies technical issues that need to be addressed to facilitate the adoption of MAS in the power and energy sector. The paper also discusses the engineering drivers behind the use of MAS and their benefits, comparing MAS with existing technologies such as web services, grid computing, and intelligent systems techniques. Additionally, it highlights the need for appropriate standards and guidance for developing MAS in power engineering, which will be addressed in the companion Part 2. The paper concludes by discussing the technical challenges that must be overcome for effective implementation of MAS in power engineering.