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Exploration and Research on the Development Path of the Power Capacity Market

The sufficiency of generating capacity plays an important role in long-term stable and reliable operation of the power system. With the significant increase of installed capacity of renewable energy, the living environment of traditional thermal power units is squeezed to a certain extent, resulting in the decline of income of thermal power plants, and the abundance of reliable generation capacity of the entire power system is threatened. This paper first focuses on the capacity guarantee measures adopted to ensure the sufficiency of power generation capacity. The capacity mechanism suitable for China is analyzed. Secondly, capacity market mechanism is designed, including the Base Residual Auction (BRA), the Incremental Auction and the capacity transfer market. Finally, the enlightenment of foreign successful experience on capacity market construction in China is analyzed, which provides reference for capacity market construction in China.