Abstract: Electricity spot market is significant in reflecting the short-term supply and demand relationship and the temporal and spatial value of electricity, and in guiding the optimal allocation of the electricity resources. The construction of the electricity spot market is also one of the key tasks in the new-round reform of the electric industry. The centralized electricity spot market generates the locational prices or the zonal prices at different time intervals, thus the stakeholders are confronted with risks of the locational market prices and congestions. The contract for differences, the financial transmission right, and the settlement right transaction are the efficient approaches to hedging against risks and improving trading utilities. This work analyzes the mechanisms for the three risk management approaches, indicating the three approaches have the same financial essence and results in the same mathematical expressions for the changes of the stakeholders' revenues. Furthermore, the equivalences and differences of the three risk management mechanisms are discussed and their application scenarios, conditions and limitations are discussed. Finally, considering the key characteristics of the current early-stage electricity spot market in China, the three-stage construction path of the risk management mechanism is proposed.