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Summary Enhancing the balance between demand and generation with smooth performance, the integration of renewable energy sources (RESs) plays a vital role in the smart distribution system. However, due to the inherent uncertainty and intermittent nature of RESs, many issues and challenges such as power quality, efficiency, stability, and reliability need to be taken care of for achieving an optimal operation. To resolve these associated problems, the virtual power plant (VPP) has been introduced and integrated with present smart distribution systems without sacrificing the grid stability and reliability along with offering many techno‐economic benefits. This article is a precise presentation of issues, modeling, effective management mechanism solutions, and prospects of VPP. In addition to that, the present status, guidelines, and standards prescribed for the VPP implementation are summarized. RESs have a significant effect on VPP framework coordination, and so one important aspect related to RESs scheduling in VPP is explained in this article. Bidding strategy optimization problems, the participation of the electric market, and technical innovation reforms are discussed in line with the VPP. This review gives a comprehensive outline of transforming micro‐grid to VPP and conveys much information to researchers, consumers, prosumers, and utility operators.

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The concept of Virtual Power Plant (VPP) provides flexibility in the operation of current Smart Grid (SG) based electric power systems. Demand Side Management (DSM) programs present a lot of scope in the optimization of the load consumption and curtailing of loads during peak usage periods. VPP and DSM together enable communication-based dispatching of loads depending upon the consumption pattern of consumers and generation capacity of Distributed Energy Resources (DER). Various optimization techniques have been proposed for efficient and costeffective dispatch schedules within the intended power networks. In this paper, a Genetic Algorithm (GA) based optimization approach is presented to allow for reduction of the overall cost of the market price of electricity and reduction of burden during peak periods of use after integration of DERs and Demand Response (DR) strategy.