  This paper presents an optimization approach based on the 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 in a year. The simulation results show
that RIP is reduced when downside risk constraint (DRC) is considered and DRP
is implemented. Although DRP increases the total profit of the MG, it also
notably increases the risk. On the other hand, considering DRC significantly
reduces the percentage of the risk with a slight decrease in the profit.
