Advanced metering infrastructure (AMI) is the cornerstone of smart grid (SG) systems. Its primary goal is to utilize smart meters (SM) to gather information about consumers' electricity usage. For further analysis, this data is subsequently transmitted to the data concentrator (DC) and the electricity service provider (ESP) through two-way communication links. Conducting a risk assessment of the AMI system is crucial in identifying any vulnerabilities, potential threats, and risk mitigation strategies to reduce the potential hazards to a controllable extent. This paper carries out procedures for evaluating potential hazards associated with the AMI by applying the EBIOS method. EBIOS consists of five phases: scope and security baseline, risk origins (RO), strategic scenarios, operational scenarios, and risk treatment. By applying the EBIOS method to the AMI system, we can demonstrate the business and its supporting assets. Furthermore, the likelihood and consequences of threats are assessed. Finally, the categories of stakeholders related to the AMI system and the strategies for mitigating risks are presented. The contributions of this study include utilizing the EBIOS method to evaluate potential risks associated with the AMI, identifying the business assets of the AMI, providing an example of an existing risk to the business and supporting assets of the AMI system, and introducing possible countermeasures.