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Confronted with the escalating climate and environmental challenges, the previous energy development paradigm characterized by high consumption and emissions has become increasingly unsustainable. A transition towards a predominantly renewable-based energy system, particularly in the domain of electricity supply, is imperative for achieving the goal of a clean and low-carbon energy transformation. Nevertheless, the prevailing electricity system simulation models have predominantly concentrated on internal constraints of the power system, such as power generation balance and network security constraints, with limited consideration for the electricity market environment during the simulation phase. As the momentum of electricity market liberalization continues to grow, the conventional power system simulation methodologies based on optimal generation cost are rendered obsolete. Therefore, the incorporation of pertinent market operational constraints and dynamics into power system simulations is necessary, thereby facilitating a comprehensive emulation of the operational status of the power system within the market-driven milieu. This paper presents an electricity system simulation model accounting for the electricity market. In addition to the traditional constraints associated with electricity system simulation, the processes and patterns of electricity market transactions have been incorporated. The simulation is carried out based on the existing Jiangsu power system model to perform an evaluative analysis. The simulation results indicate that in the scenario where renewable energy sources participate in the spot electricity market, it is possible to optimize the allocation of electric power resources in Jiangsu. Although there is a partial reduction in the integration rate of renewable energy, the market electricity prices remain more stable, and the grid congestion issues are alleviated.
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