Techno-economic and business case assessment of multi-energy microgrids with co-optimization of energy, reserve and reliability services

•Microgrids provision of energy, reserve and reliability services is examined.•Dynamic reliability price signals are formulated with a proposed stochastic approach.•A MILP tool is proposed to co-optimise Microgrid behaviour when facing conflicting signals.•Synergies and conflicts between price signals encourage different Microgrid behaviour.