This paper proposes a systematic solution for Virtual Power Plant (VPP) participation in Substitute Power Product (SPP) markets, constructing a complete technical pathway from cost calculation and market participation to benefit distribution. The research addresses three key challenges: efficient aggregation of heterogeneous resources within VPPs, effective connection between internal sub-markets and external SPP markets, and construction of multi-entity interest coordination mechanisms. For single-entity VPPs, a comprehensive cost calculation model and substitution energy-price curve construction method are designed to adapt to SPP market characteristics. For multi-entity VPPs, a dual-layer market mechanism is proposed to connect internal sub-markets with external markets through the bridging role of the park operator, alongside a multi-entity benefit distribution mechanism based on transaction surplus. Case studies verify the effectiveness of the proposed methodology, demonstrating that VPPs can efficiently evaluate regulation costs, optimize resource allocation, and participate effectively in SPP markets. The research provides theoretical support for VPPs to fully utilize their re gulation capabilities and efficiently participate in electricity markets, contributing to enhanced power system flexibility.
Yang et al. (Sun,) studied this question.