Revisit the Mechanism of Integrated Electricity Market: Bridging Day-ahead Market and Balancing Market

Our country has carried out the pilot work of electricity spot market construction since 2017. The electricity spot markets allows short-term trading and generally involves two trading arrangements, the day-ahead market and the balancing market In this paper, we revisit the mechanism of integrated electricity market. With carrying out numerical examples, we make a detailed discussion on bridging day-ahead market and balancing market. Furthermore, under two imbalance settlements, we compare the revenue for producers and payments for consumers from aspects of energy and ancillary services.