In order to guarantee the continuous operation of electric power systems (EPS), a proper planning of these networks in steady and transient state must be performed. This paper presents an N−1 multi-contingency AC optimal power flow (OPF) that embeds, in the same mathematical optimization model, a set of transient stability constraints (TSC) that guarantee rotor angle and angular velocity variation within technical limits, at given N−1 contingencies. Furthermore, the proposed model considers the operation of volt/var controllers, such as shunt elements and OLTC transformers, to further improve the operation of the EPS, under given levels of demand and generation. Taking advantage of the classical first-order transient stability model of synchronous machines and the implicit trapezoidal integration rule, the proposed model can be formulated as a stand-alone mixed-integer nonlinear programming (MINLP) model. Then, through well-established linearization techniques, the initially proposed MINLP model is transformed into a new mixed-integer linear programming (MILP) model, which can be implemented via algebraic programming languages, such as AMPL, and solved using convex optimization solvers, such as CPLEX. Three systems with dissimilar number of synchronous machines and nodes have been used for tests (i.e., the 9-Bus/3-Generator Western System Coordinating Council (WSCC) system, the 39-Bus/10-Generator New England system and the 68-Bus/16-Generator IEEE system). The efficiency of the proposed linearization techniques and the stability requirements of the solutions have been validated using an exact AC power flow and the transient stability analysis program PSAT-Matlab. Results show the ability of the proposed MILP model to provide stable operating points under N−1 contingencies, at minimum production cost.