Key Takeaways & Executive Findings
- •• • A novel market paradigm introduces 'power substitute products' and a dual-market structure ('substitute quantity market' and 'regulation quantity market') to resolve the 'energy impossible triangle' of security, economy, and low-carbon, offering a concrete implementation path. • • Comparative analysis of global balancing mechanisms (e.g., nodal pricing in North America, decentralized balancing responsibility in Europe, real-time response in Australia) informs a hierarchical coordination mechanism tailored to China, with implementation pathways. • • Capacity adequacy mechanisms are systematically reviewed, and a framework is proposed that addresses new connotations in new-type power systems, including mode selection and development pathways, to ensure resource adequacy. • • A multi-agent simulation framework using deep reinforcement learning demonstrates that full-cost compensation mechanisms significantly affect generator bidding strategies and market equilibrium, highlighting the need for such mechanisms to prevent structural losses for flexible resources.
Abstract
The deep advancement of carbon peak and carbon neutrality goals has accelerated the construction of new-type power systems, with the installed capacity share of renewable energy approaching half and its electricity generation share rapidly increasing. However, the randomness, intermittency, and volatility of renewable energy output challenge the balancing of supply and demand, necessitating additional regulation resources. Concurrently, advances in communication, control, and artificial intelligence have enabled new regulation entities such as electrochemical energy storage, compressed air energy storage, and concentrating solar power, while the marginal cost of load-side balancing services declines, fostering the rapid development of virtual power plants and flexibility retrofits of conventional power. Accurately evaluating the value of regulation services and providing reasonable compensation are fundamental to incentivizing participation and investment. Yet, current power balancing mechanisms and market models do not fully reflect the true value of these flexible resources, and technical barriers and costs remain high for distributed resources. In 2025, China preliminarily established a unified national electricity market, covering the entire energy market, and attention has turned to valuing regulation services. This special issue, organized by the editorial board of Automation of Electric Power Systems, compiles 14 papers addressing market-oriented balancing mechanisms, capacity adequacy, cost compensation, flexible resource participation, and market applications. Key contributions include a market-oriented regulation responsibility system with 'substitute quantity' and 'regulation quantity' markets, hierarchical coordination mechanisms, capacity adequacy frameworks, cost compensation mechanisms using deep reinforcement learning, inertia pricing, and trading strategies for electric vehicles and building aggregators. Provincial market designs from Guangdong and Gansu provide practical templates. The issue aims to provide theoretical and practical support for market innovation and the construction of new-type power systems and the unified national market.
1. Introduction
The transition to new-type power systems, driven by dual-carbon goals, has led to a surge in renewable energy penetration, with installed capacity approaching half of the total. However, the inherent variability of renewable generation imposes unprecedented stress on power balance, as conventional generation alone cannot adequately compensate for the dual fluctuations on both supply and demand sides. This necessitates a paradigm shift from traditional balancing approaches to market-based mechanisms that can effectively mobilize diverse regulation resources, including energy storage, demand response, and virtual power plants. Existing market designs often fail to accurately price regulation services, hindering investment and participation.
This special issue addresses these bottlenecks by presenting cutting-edge research on market-oriented balancing mechanisms. The papers propose innovative frameworks such as market-based regulation responsibility systems, hierarchical coordination models, and capacity adequacy mechanisms. They also explore cost compensation strategies, leveraging advanced algorithms like deep reinforcement learning to optimize market design. Practical insights from provincial market implementations in Guangdong and Gansu offer scalable solutions. Collectively, these contributions aim to provide a theoretical foundation and empirical evidence to enhance the efficiency, security, and sustainability of power systems, ultimately supporting the construction of a unified national electricity market.
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Guest Editors of Automation of Electric Power Systems (2026). Market-Oriented Power Balancing Mechanisms and Methods for New-Type Power Systems: A Special Issue Overview. Power System Automation. https://doi.org/10.7500/AEPS20260311004
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Frequently Asked Questions
How does the proposed market-based regulation responsibility system address the 'energy impossible triangle' of security, economy, and low-carbon?
The system, proposed by He Guangyu et al., defines clear property rights for balancing services and introduces 'power substitute products' as a trading vehicle. It establishes a synergistic mechanism between a 'substitute quantity market' and a 'regulation quantity market', enabling coordinated optimization of security, economy, and low-carbon objectives. This approach provides a concrete implementation path to break the trade-offs inherent in the triangle.
What are the key differences between the balancing mechanisms in North America, Europe, and Australia, and how do they inform China's market design?
North America uses a centralized optimization model based on locational marginal prices, Europe adopts a decentralized decision-making model with balancing responsible parties, and Australia relies on a real-time response model within a single energy market. Chen Haoyong et al. analyze these models and propose a hierarchical coordination mechanism tailored to China's context, offering implementation pathways that leverage the strengths of each while addressing local challenges.
What framework is proposed for capacity adequacy mechanisms in new-type power systems, and what are the key considerations?
Guo Hongye et al. systematically review global practices and propose a framework that includes mode selection, development pathways, and critical issues. The framework addresses the new connotations of capacity adequacy in systems with high renewable penetration, such as the need for flexible resources and the integration of energy storage. It provides recommendations for building robust capacity mechanisms to ensure resource adequacy.
How does deep reinforcement learning help in evaluating cost compensation mechanisms for flexible resources?
Jing Zhaoxia et al. construct a multi-agent simulation framework using deep reinforcement learning to compare different operating cost compensation mechanisms. The simulations reveal that full-cost compensation mechanisms significantly influence generator bidding strategies and market equilibrium, preventing structural losses for flexible resources. This insight is crucial for improving China's electricity market design to ensure fair compensation and sustainable participation.
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