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Microgrids can be defined as distribution systems with distributed generation (DG) units, energy storages and controllable loads. Microgrids are expected to form an essential part of future Smart Grids with self-healing feature. Most of the time microgrids will be operated normally parallel with utility grid. In addition to this microgrids have a special self-healing capability, because they can continue operation also in island mode during disturbances, e.g., utility grid outages. Realization of future Smart Grids with island operation capability requires, in addition of solving all technical challenges, also feasible management and market structures to be developed. In this paper LV microgrid voltage level and unbalance management as well as capability to actively participate in Smart Grid voltage control during normal operation has been investigated through studies with PSCAD simulation software.