The paper presents a microcontroller-based power management system (PMS) designed for the online operation of an experimental low voltage microgrid equipped with a battery storage system and two power supplies: a kilowatt (kW)-class proton exchange membrane (PEM) fuel cell (FC) and a photovoltaic (PV) module emulator, both connected to a low voltage ac node. The connections of the energy sources to the common ac bus make use of power inverters with specific functionalities. The ac node feeds electric active and reactive load emulators able to reproduce programmable profiles. The automatic PMS provides the microgrid monitoring and the FC power scheduling in both grid-connected and islanded operating conditions. The paper describes the structure and functionalities of the PMS as well as a specific experimental investigation aimed at assessing the dynamic performance of the microgrid in islanded conditions.