The study proposes a two-stage decentralized energy management system for multi-microgrids, includes peer-to-peer trading and resilient network reconfiguration. Physical constraints such as radiality, voltage stability, and line capacity are implemented in first stage to ensure safe operation in both normal and faulty conditions. In second stage, market-clearing mechanism enables supply-demand bidding and zonal cost allocation for multi-bilateral trades while maintains grid and marginal pricing. Renewable uncertainty is modeled using an upper-quantile approach from historical data to balance robustness and economic efficiency without probability distributions. Financial incentives are used in incentive-based demand response following faults to shift or curtailment loads. The model is implemented on a modified IEEE-33 bus system with three microgrids and 36 residential households equipped with photovoltaic panels, wind turbines, battery energy storage, and electric vehicles. Simulation results show that under normal conditions, grid reliance for residential loads is reduced by 43.66 %. During grid and line outages, demand falls by 16.33 % while grid usage increases modestly to 53.16 %. When distributed generators fail, peer to peer energy sharing within the faulty zone rises by a factor of 2.5, supported by battery and electrical vehicle discharges. The proposed framework thus enhances resilience, lowers operating costs, and strengthens local energy self-sufficiency through coordinated P2P trading, flexible storage, and fault-tolerant scheduling.
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