Abstract
The goal of carbon peak and carbon neutralization has accelerated the pace of building a high percentage of renewable energy power systems. However, the uncertainty and volatility of renewable energy bring many challenges to the stable operation of electricity market. In the new context of power market reform, it is necessary to establish a better trading mechanism and price subsidy mechanism for renewable energy participation in the market. This paper analyzes the impact of renewable energy participation in electricity market on market operation, market equilibrium and bidding strategies of market players. Then, we propose the potential means to cope with the market risk of renewable energy, compare the market mechanisms and development policies of various countries, and summarize relevant studies on renewable energy participation in electricity market in countries around the world. Finally, the development of a high percentage of renewable energy participation in the electricity market of China is summarized and prospected.
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