In this paper, we contribute a theoretical framework that sheds a new light on the problem of microgrid analysis and control. The starting point is an energy function comprising the "kinetic" energy associated with the elements that emulate the rotating machinery and terms taking into account the reactive power stored in the lines and dissipated on shunt elements. We then shape this energy function with the addition of an adjustable voltage-dependent term, and construct so-called Bregman storage functions satisfying suitable dissipation inequalities. Our choice of the voltage-dependent term depends on the voltage dynamics under investigation. Several microgrid controllers that have similarities or coincide with dynamics already considered in the literature are captured in our incremental energy analysis framework. The twist with respect to existing results is that our incremental storage functions allow for a large signal analysis of the coupled microgrid. This obviates the need for simplifying linearization techniques, and for the restrictive decoupling assumption in which the frequency dynamics is fully separated from the voltage one. A complete Lyapunov stability analysis of the various systems is carried out along with a discussion on their active and reactive power sharing properties.