Systems and methods for market-based electric power system optimization are disclosed. Real-time data is acquired from a microgrid. Predicted data is generated by a virtual system model of the microgrid. A virtual system model is updated in real time when a difference between the real-time data and the predicted data exceeds a threshold. A multiplicity of market-based scenarios is presented to the virtual system model to create a multiplicity of altered virtual system models. The multiplicity of market-based scenarios is based on demand data, pricing data and availability data. Simulations for the multiplicity of market-based scenarios are performed based on the multiplicity of altered virtual system models. Simulation results are compared for optimization of microgrid availability and reliability.
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