A Unified Clearing Mechanism in the Dual Track Electricity Market Environment in China

After the market settlement, it is found that the historical billing data needs to be retroactively refunds due to over payment or additional payments due to underpayment for the data that has been settled historically because of measurement data correction, settlement price adjustment and billing calculation errors. However, at present, settlement rules for each province in China are different. The high degree of coupling among settlement data and the increasing volume of clearing data make it difficult to ensure timeliness, accuracy, and compliance with the approach of case-by-case funds handling. Therefore, this paper constructs a unified clearing mechanism that is adapted to the development of different provinces. It provides a theoretical basis for the design of the clearing mechanism in the future provincial electricity market and conducts case analysis using the improved IEEE-30 system to validate the feasibility of the model.