In this paper, a stochastic multi-objective grid-connected microgrid problem is proposed to schedule energy and reserve in a power network with high penetration of renewable energy sources. A five distributed energy source microgrid model is developed with both discrete and continuous operating variables to optimally minimize total operating costs, emissions and losses. A battery storage system is incorporated to account for intermittency in renewable power generation and to improve the overall economics of the power system. The proposed optimal scheduling problem is solved using a hybrid fuzzy rank method-based modified differential evolution algorithm to obtain a non-dominant best compromised solution for the multi-objective function. Pareto fronts showing the merit of optimality of the three objectives are also plotted for different loading conditions. The effectiveness of the proposed microgrid problem is verified with and without battery storage incorporated over a 24-hour time horizon. Results with battery inclusion are observed to be better with overall reductions in both total costs and environmental emissions. The results of the proposed algorithm are validated and compared with the weighted sum approach.