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Increasing interest in smart grids exhibits its potential benefits for providing reliable, secure, efficient, environmental friendly and sustainable electricity from renewable energy resources. Here, reliability models of four types of renewable and hybrid distributed generation were developed. A fuzzy multi-objective function was suggested for simultaneous optimization of reliability, electricity generation cost, grid loss and voltage profile. This not only considers uncertainty of renewable energy resources but also provides smart generation dispatching. An efficient reliability index consisting of energy and interruption frequency terms was also defined. A novel hybrid heuristic optimization method based on simulated annealing and particle swarm optimization methods was proposed. These approaches were applied to the generation dispatching of a smart grid, and the results were discussed in details. Scenarios including the changes of wind speed, sun light, fuel price and weight coefficients of the objective function were analyzed. This work succeeds to model uncertainty of renewable energy resources and performs technical and economical optimization in the power generation planning. Copyright © 2014 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]