Abstract: Aiming at the contradiction between new energy’s participation in market competition and guaranteed absorption, the spot market trading mechanism of high proportion of new energy power system is designed. First of all, considering the market absorption of new energy, the existing clearing mechanism of the spot market of electricity is improved. Under the trading environment of new energy and thermal power units participating in market bidding, a power generation substitution model triggered when wind and light abandonment occurs is established to mobilize the peak regulating capacity of thermal power units and replace thermal power with new energy. Secondly, an incentive compatible settlement mechanism is proposed to compensate thermal power units for peak load balancing by new energy sources with new absorption space. Finally, the simulation calculation of different dispatching scenarios shows that the proposed mechanism can match the supply and demand of peak regulating resources in the power spot market, promote the market consumption of new energy, and compensate the thermal power unit peak regulating costs, so as to ensure fair competition and reasonable income of market players.