• • 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.