In this paper, we propose networked microgrids to facilitate the integration of variable renewable generation and improve the economics and resiliency of electricity supply in microgrids. A new concept, probability of successful islanding (PSI) is used to quantify the islanding capability of a microgrid considering the uncertainty of renewable energy resources and load as well as exchanged power at PCC. With the goal of minimizing the total operating cost while preserving user specified PSI, a c...