Due to rapid growth in renewable energy resources and improvements in battery technology, power grids are undergoing major changes, which create significant management and control challenges. To tackle these challenges, decentralized solutions are needed, which can support the evolution of electrical power distribution systems. Transactive energy is a decentralized solution for dynamically balancing demand and supply, in which consumers, prosumers (i.e., consumers with energy storage or generation capabilities), providers, etc. can trade energy in an open market.