PJM capacity market and Enlightenment to China's capacity market design

With the proposal of the ‘Dual carbon’ goals, the rapid development of renewable energy has promoted the optimization and transformation of power supply structure, and at the same time, it has brought severe challenges to the reliable power supply of the grid and the generation capacity adequacy of the new power system. The PJM capacity market in the United States is an international model to ensure the adequacy of power generation capacity and grid construction. This paper studies the development origin and operation principle of the PJM capacity market, and designs a capacity market mechanism suitable for China's power development according to China's current installed load situation and policies, with a view to providing a useful reference for the subsequent construction of China's capacity market.