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Microgrid can operate in both grid-connected and islanded modes. Islanding can be scheduled or unscheduled. In the event of unscheduled islanding, the microgrid should be able to maintain its sustainability. Therefore, it is necessary to determine and supply the amount of required spinning reserve for stable islanding. In this paper, a two-stage strategy for optimal scheduling of the microgrid is proposed while uncertainties of renewable generations and demand are considered. In the first stage, co-optimization of power and reserve is carried out with the presence of distributed generations and batteries. Therefore, in the second stage, the demand is also used as reserve to provide required reserve for stable islanding. In order to determine the optimal amount of reserve of demand, a novel objective function is proposed. The objective function minimizes the sum of the standby reserve cost, expected cost of called reserve, and expected cost of emergency curtailment. One of the salient features of the proposed model is its modularity. That is, it can be added easily to any scheduling model in which the demand is not considered as reserve. Mathematical analysis and numerical simulations show the accuracy and efficiency of the proposed method. [ABSTRACT FROM AUTHOR]