In response to the challenge of renewable energy accommodation in China

the mechanism design of national renewable energy market(NREM)is proposed. The coordinating mechanism between the NREM and provincial day-ahead market is designed. The national green certificate market is proposed. A settlement mechanism for electricity quantity deviation is proposed to incent renewable energy farms to improve their forecast accuracy. On the national level

the NREM clearing model is constructed. The objective is to maximize the total surplus and to incorporate the transmission cost. On the provincial level

a multi-objective day-ahead market clearing model is established. The NREM clearing results are taken as relaxed boundaries. The case study verifies the effectiveness of the proposed mechanism. The proposed mechanism can incent the demand and supply of renewable energy with renewable portfolio standard

help discover the true cost of renewable energy and the positive externalities of the renewable energy

guide renewable energy and power grid planning

and encourage market participants to improve their forecast accuracy.