Abstract: With the integration of large-scale renewable energy, the secure power-supply ensurance situation of power grids has become increasingly severe. Under this background, a joint clearing mechanism for electric power energy and balance regulation service is established with consideration of the external security costs of renewable energy. The electric power energy costs and the balance regulation service costs are coupled and superposed, and through the joint clearing, the balance regulation service is organized in a market-oriented manner to reflect the energy value and the security value of electric power energy at a reasonable price, so as to give a clear price signal to facilitate the sharing of balance responsibilities. Finally, through the case analysis, it is verified that the proposed operation mechanism has the significant advantages in terms of economy and robustness.