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The cooperation of multiple networked microgrids (MGs) can alleviate the mismatch problem between distributed generation and demand and reduce the overall cost of the power system. Energy management with direct energy exchange among MGs is a promising approach for improving energy efficiency. However, existing methods on microgrid cooperation usually overlook the underlying distribution network with operating constraints (e.g., voltage tolerance and power flow constraints). Hence the results may not be applicable to actual systems. This paper studies the energy management problem of multiple MGs that are interconnected by both the direct current (DC) energy exchange network and the alternating current (AC) traditional distribution networks. In our problem, each MG is equipped with renewable energy generators as well as distributed storage devices. In order to handle the non-convex power flow …