In this paper, a risk-constrained stochastic mixed-integer linear programming (MILP) model is proposed for optimal bidding strategy of a grid-connected CHP-based multi-microgrid (MMG) system in energy and reserve markets considering environmental restrictions. A reward-based demand response program is considered in the proposed framework to realize demand-side management and boost the economic performance of the MMG system. Besides, conditional value-at-risk as a proper risk-averse index is incorporated into the developed mixed-integer programming formulation to hedge the risk of the low profits associated with worst scenarios. For this study, the uncertainty of energy market price, electrical load, and power generation of renewable energy sources are taken into account through employing stochastic programming. Meanwhile, given the global policy for emissions reduction, an emission constraint is considered into the model, ensuring a more green trading strategy. The obtained simulation results over a 24-h time horizon, demonstrate that increasing the risk factor leads to the profit decrement by almost 30.37% while the conservativeness of the MMG against the risk is improved. Also, the results reveal that by increasing the value of emission factor, the system's profit is decreased by about 30.03% while the MMG would be operated more environmental-friendly.
