Microgrid systems show great promise in integrating large numbers of distributed generation systems, based on renewable energy sources into future power systems. The characteristics of power generated by renewable energy sources is random, unregulated and highly unreliable, vowing to the stochastic nature of the sources like wind, solar etc. While integrating the locally generated power into grid sounds very attractive, there are many operational and planning concerns. Also, a major chunk of power generated is weather dependent, this makes an energy storage system and/or backup power generation system an imperative part of microgrids. A proper planning and designing is the first step towards integrated power. Optimization techniques justify cost of investment of a Microgrid by enabling economic and reliable usage of resources. This paper summarizes various optimization methodologies and criterion for optimization of Microgrids. Extensive study of published literature show that computational alternatives like evolutionary, heuristic and non-classical algorithms show better results when compared to other conventional methods. The study of multi-objective optimization problems shows superior performance by combining intelligent optimization algorithms with adaptive techniques.

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