Abstract: In order to promote the low-carbon and clean development of the power industry, carbon market and green certificate market have been established in China, which have a significant impact on the electricity market. Therefore, we proposed an electricity market equilibrium analysis method considering green certificate and carbon quota constraints in stochastic environment. Firstly, the constraints of generator bid prices, carbon quota constraints, green certificate quantity-price relationship, and the randomness of wind power production were taken into consideration, and a new bilevel electricity market equilibrium analysis model was established. Secondly, by using optimality conditions to replace the lower level problem, the bilevel model of a single power producer is transformed into a mathematical program with equilibrium constraints(MPEC). To achieve an equilibrium of multiple market entities, the MPECs of all power producers are combined into an equilibrium problem with equilibrium constraints(EPEC), and the problem is solved through linearization methods such as large M method and binary expansion method. Finally, a numerical example is used to simulate the equilibrium state of the electricity market under different green certificates and carbon quota constraints, verifying the effectiveness of the proposed method.