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Smart microgrids offer a new application domain for power electronics. In fact, every distributed energy resource includes an electronic power processor (EPP) to control the power exchange with the grid. If such distributed EPPs perform cooperatively, all the available energy sources and energy storage units can be fully exploited, resulting in reduced power consumption from the utility, high power quality, and increased hosting capability by the utility. This paper shows that, even in low-voltage meshed microgrids, where the electrical distribution pattern is complex and sources and loads may vary during daytime, such cooperative operation can be achieved by a proper selection of the local control algorithms and by allowing narrow-band communication capability among neighbor EPPs. In particular, this paper describes a token ring control approach which allows full exploitation of the microgrid capabilities with marginal investment in the information and communication technology infrastructure.