The energy transition, crucial for tackling the climate crisis, demands integrating numerous distributed, renewable energy sources into existing grids. Along with climate change and consumer behavioral changes, this leads to changes and variability in generation and load patterns, introducing significant complexity and uncertainty into grid planning and operations. While the industry has already started to exploit AI to overcome computational challenges of established grid simulation tools, we propose the use of AI Foundation Models (FMs) and advances in Graph Neural Networks to efficiently exploit poorly available grid data for different downstream tasks, enhancing grid operations. For capturing the grid's underlying physics, we believe that building a self-supervised model learning the power flow dynamics is a critical first step towards developing an FM for the power grid. We show how this approach may close the gap between the industry needs and current grid analysis capabilities, to bring the industry closer to optimal grid operation and planning.