While user-side carbon reduction potential and quantity-price bidding enhance market flexibility

the uncertainty in cleared quantities may trigger demand-supply mismatch. To address diverse user needs

participants are categorized into three types based on their unmet demand for uncleared quantities and demand adjustment willingness

establishing a multi-stage clearing model for electricity-carbon coupled day-ahead markets. In the first stage

the clearing model with the goal of maximizing social welfare is established

and all users carry out settlement at that stage. In the second stage

the clearing model with the goal of minimizing total system cost is established

and users with demand for unsuccessful bids carry out deviation settlement. In the third stage

the clearing model with consideration of the users’carbon intensity is established

and users agreeing to demand adjustment carry out deviation settlement. The computational results of the improved PJM5 node system show that the model not only flexibly meets user demands

but also reduces system costs

carbon emissions

and user costs.