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Modernization in the area of smart energy equipment, are forming the perception of an interlinked energy network in subsequent times. This energy network is contemplated to govern real-time energy consumption and optimization in the future. Traversing a prolonged period of development, the energy industry has reached the landmark of Virtual Power Plant (VPP) and still going onward to this newfangled energy network, also can be called the next generation VPP. This paper demonstrates the challenges and opportunities in executing the transpiring aspects of the next generation VPP. Based on essential components and requisites, detailed descriptions are depicted from different technological viewpoints such as electrical and communication, computing technologies, energy management, economic profit, geographical factors, and adoption of emerging technologies. We also present the recent updates of existing VPP projects. Finally, considerations towards implementing the next generation VPP are marked out, along with necessary frameworks, regulations, and policies. This paper can provide prudent support for researchers and practitioners in the field of VPP. [Display omitted] • Review of development aspects in virtual power plants (VPP). • Critical requirements and necessary components for VPPs are presented. • Emerging technologies that can be integrated with next generation VPP are discussed. • Challenges and opportunities in the road of developing the next generation VPP are characterized. • Next generation VPP's framework, policies, and regulations are outlined. [ABSTRACT FROM AUTHOR]