The recent developments in the research area of electric power systems and microgrids are significantly advancing the field towards more sustainable, cost-effective, and resilient operations. There is a notable shift towards integrating renewable energy sources and energy storage systems to optimize power flow and economic dispatch, thereby reducing reliance on traditional fossil fuel-based generation. Innovative methodologies are being introduced to handle the inherent uncertainties in renewable energy and load demand, such as robust optimization and adaptive strategies, which enhance the reliability and economic performance of power systems. Additionally, peer-to-peer energy exchanges and resilience-oriented planning are emerging as key strategies to improve system resilience during disruptions. Notably, the use of extreme value theory in analyzing and optimizing power system operations is gaining traction, providing novel insights and solutions for both theoretical and practical challenges. These advancements collectively underscore a transformative direction in the field, emphasizing the importance of adaptability, resilience, and sustainability in modern power systems.