Research on the Evolution Path of China's Power Spot Market

Recently, the construction of China's power market is accelerating. With the continuous expansion of market-oriented trading scale and the rapid development of renewable energy, the balance of electric power supply is facing challenges, and all sectors of the society have strong demands to develop the spot market as soon as possible. The government requires that "by the end of 2018, the spot trading pilot should be launched; in 2020, the spot trading market should be fully launched", and 8 spot market pilots have already been launched. By the end of September 2019, 8 provincial-level spot market pilots have completed the continuous settlement trial operation. With the development of spot market pilots and the further improvement of market conditions, it is necessary to gradually promote the integration and opening of provincial markets to enhance large-scale optimal allocation of resources. This paper focuses on the evolution mode and path from provincial market to national unified power market. Two modes are proposed and compared based on the conditions in China. This research is beneficial for the construction of national unified power market and prompting large scale power trading.