Mechanism of wind power and solar photovoltaic power participation in the electricity spot market considering the guaranteed capacity factor

Abstract

At present, with the increasing penetration rate of renewable energy in China, it is necessary to consider renewable energy in the electricity spot market. However, wind power, solar photovoltaic power, etc. are the kind of "priority power generation", which uses the catalogue price for the part of the guaranteed capacity factor and the market price for the rest part. The above two pricing mechanisms need to be coordinated in renewable energy consumption. This paper proposes a mechanism of renewable energy participation in the electricity spot market, which enables renewable energy participating in the spot market as other conventional energy sources under the policy of "priority power generation".