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This paper presents an optimization approach based on mixed-integer programming (MIP) to maximize the profit of the Microgrid (MG) while minimizing the risk in profit (RIP) in the presence of demand response program (DRP). RIP is defined as the risk of gaining less profit from the desired profit values. The uncertainties associated with the RESs and loads are modeled using normal, Beta, and Weibull distribution functions. The simulation studies are performed in GAMS and MATLAB for 5 random days of a year. Although DRP increases the total profit of the MG, it can also increase the risk. The simulation results show that RIP is reduced when downside risk constraint (DRC) is considered along with DRP implementation. Considering DRC significantly reduces the percentage of the risk while slightly decreasinz the profit.
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