With the rapid integration of distributed energy resources, achieving a balance between economic efficiency and environmental sustainability in multi-microgrid (MMG) systems is critical. However, existing studies typically treat microgrid operators as fully compliant entities. They often neglect the “trust-risk” dimension along with potential default behaviors in decentralized markets. This paper proposes a novel co-optimized scheduling model for urban MMG systems, centered on a unified “Social–Economic–Physical” coupling framework. To ensure transaction integrity, a robust reputation evaluation framework is developed using Root Mean Square Error (RMSE), mean absolute error (MAE), plus Dynamic Time Warping (DTW). This framework effectively identifies fraudulent data or contractual breaches. Furthermore, to enhance fairness while promoting decarbonization, the model integrates a dynamic network pricing strategy based on the Shapley value. It works alongside a reputation-weighted reward–penalty step-type carbon trading scheme. The proposed model is formulated as a mixed-integer linear programming (MILP) problem and solved using MATLAB R2025b with CPLEX 12.10. Simulation results demonstrate that the integrated approach significantly optimizes system performance. Total carbon emissions are reduced by 49.6 tons. Meanwhile, revenues for the MMG Alliance, individual microgrids, and shared energy storage operators increase by 4.08% to 33.00%. The proposed framework provides a practical governance solution for Smart City multi-microgrid systems, effectively addressing the “trust-risk” challenge in decentralized urban energy markets. The findings validate that the proposed mechanism effectively fosters a trustworthy trading environment, achieving a “win-win” outcome for economic profitability and urban energy resilience.
Fang et al. (Wed,) studied this question.