With the increasing penetration of renewable energy in the power system

the inertia level of the system

mainly supported by synchronous generators

is rapidly decreasing

and the frequency security risks caused by the inertia shortfall are becoming more and more prominent. The construction of the inertia ancillary service market can reasonably identify and quantify the value of inertia

thereby incentivizing participants to provide inertia that supports the safe operation of the system. More work has been carried out at home and abroad on technical support

quantitative assessment

and optimal inertia operation. However

research on the organization and construction of market transactions for inertia ancillary services is still in the initial stage. To this end

this paper provides a thorough analysis of the characteristics of the inertia service

considering the need for market-based management

and details the research results and relevant practices of market mechanisms for the inertia service in the United Kingdom

Ireland

and Australia. It refines the key elements involved in designing the inertia service market

such as transaction types

participating entities

and transaction targets. Based on the status quo of domestic inertia service management governed by the "Two Detailed Rules" (for grid-connected operation and ancillary services)

this paper proposes recommendations for constructing the inertia ancillary service market in China to address the challenges posed by low inertia in a renewable- dominant power system. This study aims to promote the development of China's inertia ancillary service market and facilitate further improvement of the market system for electric power ancillary services

which has important theoretical and practical significance.