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With the electricity reform deepening, China has established three-level power markets that are national, regional, and provincial electricity markets. Targeted a certain provincial power company, this paper analyzes the goals for establishing regional electricity market, its bidding and transaction models during the initial stage, and its effects to the operation of provincial power companies. This paper builds Cooperative Game model and gives numerical examples, and proposes strategies for this provincial power company about how to control the operation risks by adjusting the structure of power selling and sharing the benefits of regional electricity market. At last, this paper suggests Henan electric power company should give reorientation of its management.