Comparative Analysis on Participation Modes and Revenues of Renewable Energy Sources in China's Electricity Markets

China aims to achieve full participation of renewable energy in the electricity market by 2029. However, at present, the marketization of renewable energy is still in a transitional stage, making the smooth progression of this process a key issue. This study reviews the participation modes of renewable energy across eight electricity market pilot regions in China, summarizes the characteristics of different provincial trading mechanisms, and constructs a case study based on the day-ahead market in Shandong Province. The quantitative analysis examines the revenue variations under different market participation proportions. The results indicate that an increasing market participation ratio may lead to a short-term decline in revenue. Finally, this paper provides recommendations from the perspective of renewable energy generators, discussing how to cope with the challenges of marketization.