This work proposes a sequential stochastic coordinated energy management scheme (SCEMS) for a multi-energy carrier zero bus microgrid (ZBMG) in the presence of distributed tri-generation plants (TGPs), renewable sources, energy storage systems (ESSs), plug-in hybrid electric vehicles (PHEVs), auxiliary boiler and chiller units, and controllable loads. The first stage of the proposed architecture deals with implementing an integrated price-based demand response program to maximize consumers’ benefits and boost demand-side participation. The impacts of grid-to-vehicle and vehicle-to-grid modes of PHEV operation are investigated in this study. The second stage of this formulated problem considers the optimal power allocation of TGPs, ESS devices and auxiliary units aiming to satisfy economic, environmental, flexible, and reliability-driven objectives. Furthermore, to ensure optimal serving of heat and cooling load, novel heat and cool-following strategies are suggested. The uncertainties associated with the renewable generators, PHEV load, grid energy price, and load demands are modelled and incorporated in the SCEMS following “Hong’s 2m+1 point estimate method”. This stage also optimizes the distribution network structure for efficient microgrid operation. Moreover, a novel P−PQVδ−zero+ bus triplet approach of controlling power factor of dispatchable distributed generator is proposed. The efficacy of the framed problem is corroborated through examples. The simulation studies show that the proposed coordinated energy management strategy can: (1) economically accomplish peak shaving and valley filling for multi-energy demands; (2) reduce operation cost and electric energy loss by 8.19%∼10.38% and 41.63%∼47.91%, respectively; (3) enhance average flexibility index by 4.06%∼5.62% but with a marginal rise in emission by 0.39%∼1.68%; and (4) improve node voltage profile of the system.