Electricity Spot Market Supervision Risk Assessment Model in a Provincial Level

The electricity spot market has great superiorities in promotion of renewable energy consumption, optimization of electricity resource allocation and the reinforcement of power system stability. Considering various risk and challenges in high-quality supervision and promotion. This paper aims to identify critical risk criteria of provincial electricity spot market supervision through a novel criteria identification, evaluation and response strategy system to ensure secure and optimal functioning of the provincial electricity spot market. Firstly, risk criteria of provincial electricity spot market supervision are identified through literature review and expert consultation from five perspectives tailored to the characteristics of the provincial electricity spot market in China. Considering uncertainty and redundancy existing in subjective risk identification, the Interpretive Structural Modeling (ISM) is introduced to refine original DEMATEL method to remove redundancy risk, further analyzing comprehensive importance and causal relationship. Additionally, a case study is conducted. The results show that spot price volatility, impact of regulatory measures, and electricity load balance are key risk criteria. The results have a guiding role for both governmental regulations and enterprise practices in dealing with the risks. Finally, corresponding supervision measures are formulated to mitigate or eliminate these key criteria.