Abstract: New requirements for the electricity market mechanism are proposed due to the rapid development of renewable energy. China has established two-stage inter-and intra-provincial electricity spot markets for promoting the renewable energy accommodation and reliable power supply. However, with the increasing scale and proportion of inter-provincial transactions, the power supply connection between each province becomes closer, which exacerbates the risk transmission between each intraprovincial electricity spot market. Firstly, the risk transmission characteristics between intra-provincial electricity spot markets based on the current linking-up mechanism between inter-and intra-provincial electricity spot markets is analyzed, and the concept of spillover risk value to quantitatively evaluate the risk transmission in the inter-and intra-provincial electricity spot markets is introduced. Secondly, a coordinated clearing model for the two-stage inter-and intra-provincial electricity spot markets under spillover risk constraints is built based on the two-stage stochastic optimization theory to suppress the risk transmission in the twostage inter-and intra-provincial electricity spot markets. Furthermore, considering the privacy protection needs brought about by different market operating institutions, a solving method for the coordinated clearing model of the two-stage inter-and intraprovincial electricity spot markets based on the alternating direction method of multipliers（ADMM） is established. Finally, the case analysis verifies that the proposed market clearing model and method are effective in suppressing the risk transmission in the two-stage inter-and intra-provincial electricity spot markets.