<p>Employing fossil fuels in electricity generation increases carbon emissions and worsens global warming. Relying solely on fossil fuels is not a sustainable solution, which is making renewable energy sources (RESs) an essential part of a sustainable power system. However, high RES integration into power systems poses stability challenges, primarily due to issues with balancing supply and demand. One technical solution is to transfer RES unpredictability to the natural gas network, thereby enhancing power system stability. Other complementary solutions include energy storage systems (ESS), such as power-to-gas (P2G) conversion and battery energy storage systems (BESS), which provide additional balancing capabilities. Peer-to-peer (P2P) energy trading facilitates the integration of distributed energy resources (DERs), while microgrid architectures enable their implementation in medium-voltage (MV) distribution systems. However, neglecting grid constraints—particularly active power losses and voltage stability limits—may compromise the sustainability and cost-effectiveness of RES integration. This paper proposes a multi-objective decentralized P2P energy transactive market framework for the integrated multi-energy microgrid (IEM). The proposed framework employs a double-objective optimization (DOO) approach, minimizing both operating costs and active power losses while incorporating AC power flow constraints and gas pipeline dynamics. A Continuous Double Auction (CDA) mechanism facilitates dynamic energy trading among various energy resources (ERs), containing gas-fired generators (GFGs), prosumers (PRs), P2G systems, and RES-based energy producers. The DOO P2P market outperforms single-objective approaches, achieving 40% lower energy losses and 47% lower peak power demand. Additionally, since the DOO framework reduced energy losses and peak demand significantly, the loss-aware energy dispatch improves the average nodal voltage by 1.5%.</p>