An effective regulating power management is needed in next generation interconnected microgrids to mitigate the effect of load-generation imbalance in the system. The objective of this paper is to present a two-stage regulating power management scheme in an interconnected microgrids system. First, in a day-ahead power management, the power generation set-points are determined in the individual MGs considering predicted demand and power from renewable energy sources. Second, in a real-time regulating power management, a network operator establishes a set of power flow interactions among MGs to mitigate the load-generation imbalances in MGs. These interactions are obtained using a convex multi-constraints optimization problem and a cooperative developed algorithm. A simple suboptimal greedy solution is also proposed. Numerical results demonstrate the effectiveness of the proposed real-time regulating power management in cooperation with day-ahead scheduling to reduce the system load-generation imbalance, in comparison with conventional power resources.