Research on the Coordination Mechanism between Electricity Reserve Market and Energy Market: Comparative Analysis of Independent and Joint Clearing Modes

This paper focuses on the coordination mechanism between the reserve market and the energy market in China’s electricity market, with an emphasis on comparing the advantages and disadvantages of independent and joint clearing modes. By constructing a mathematical model and combining it with a node system example, the study shows that under the independent clearing mode, the reserve market and the energy market are cleared separately, and the system operator only considers the current operating market to achieve the optimal outcome for each market. In contrast, under the joint clearing mode, the system operator takes into account both energy and reserve to minimize the total electricity purchase cost. Compared with the independent clearing mode, the total electricity purchase cost under the joint clearing mode is lower, and the joint clearing mode has significant advantages in optimizing the allocation of electric power resources and reducing system operating costs. Based on the research results, this paper suggests that China’s reserve market construction should gradually transition to the joint clearing mode, further improve the market mechanism, optimize unit commitment and output plans, reduce the coordination costs between the reserve market and the energy market, and provide theoretical basis and practical references for the reform of the electricity market.