Against the backdrop of renewable energy achieving full market integration

renewable energy forecasting deviations have become a critical bottleneck constraining the clearing efficiency of electricity spot markets

hindering the rational allocation of costs

and threatening the secure operation of the power system. A framework comprising a full-stage governance system covering planning

medium- to long-term trading

spot markets

and settlement is adopted in this paper. The experiences of global markets in addressing forecast deviations of renewable energy through multi-stage

tiered governance are systematically reviewed in the paper. During the planning stage

a probabilistic physical defence boundary is established to address hidden physical gaps arising from random fluctuations that deterministic planning cannot account for. In the medium- to long-term stage

risks are mitigated through a combination of physical resource aggregation and financial hedging tools

including bilateral contracts

forward contracts

reliability options

and parametric insurance. In the spot market

approaches such as self-forecast verification

rolling forecast corrections

and a multi-level substitution mechanism for abnormal data are adopted. During the settlement stage

incentive-compatible mechanisms are used to improve the accuracy of renewable energy forecasting. Finally

suggestions on full-stage risk management for large-scale renewable energy participating in the spot market are proposed in this paper.