Peer-to-peer (P2P) transactive energy trading offers a promising solution for facilitating the efficient and secure operation of a distribution system consisting of multiple prosumers. One critical but challenging task is how to avoid system network constraints to be violated for the distribution system integrated with extensive P2P transactive energy trades. This paper proposes a security constrained decentralized P2P transactive energy trading framework

which allows direct energy trades among neighboring prosumers in the distribution system with enhanced system efficiency and security in which no conventional intermediary is required. The P2P transactive energy trading problem is formulated based on the Nash Bargaining theory and decomposed into two subproblems

i.e.

an OPF problem (P1) and a payment bargaining problem (P2). A distributed optimization method based on the alternating direction method of multiplier (ADMM) is adopted as a privacy-preserving solution to the formulated security constrained P2P transactive energy trading model with ensured accuracy. Extensive case studies based on a modified 33-bus distribution system are presented to validate the effectiveness of the proposed security constrained decentralized P2P transactive energy trading framework in terms of efficiency improvement

loss reduction

and voltage security enhancement.