Transactive energy systems (TES) are emerging as a transformative solution for the problems that distribution system operators face due to an increase in the use of distributed energy resources and rapid growth in scalability of managing active distribution system (ADS). On the one hand, these changes pose a decentralized power system controls problem, requiring strategic control to maintain reliability and resiliency for the community and for the utility. On the other hand, they require robust financial markets while allowing participation from diverse prosumers.