The adoption of distributed energy resources (DERs) such as solar panels and wind turbines is transforming the traditional energy grid into a more decentralized system, where microgrids are emerging as a key concept. Peer-to-Peer (P2P) energy sharing in microgrids enhances the efficiency and flexibility of the overall system by allowing the exchange of surplus energy and better management of energy resources. This work analyzes the impact of P2P energy sharing for three cases-within a microgrid, with neighbouring microgrids, and all microgrids combined together in a distribution system. A standard IEEE 123 node test feeder integrated with renewable energy sources is partitioned into microgrids. For P2P energy sharing between microgrids, the results show significant benefits in cost, reduced energy dependence on the grid, and a significant improvement in the system's resilience. We also predicted the energy requirement for a microgrid to evaluate energy resilience for the control and operation of the microgrid. Overall, the analysis provides valuable insights into the performance and sustainability of microgrids with P2P energy sharing. © 2023 IEEE.