1.College of Economics and Management, Shanghai University of Electric Power, Shanghai200090, China;2.Shanghai Electric Power Design Institute Co., Ltd., Shanghai200025, China

In order to transfer the benefit risk caused by the uncertainty of renewable energy (RE) output, the output power insurance is introduced, and the requirement of renewable portfolio standard (RPS) is considered to discuss the optimal trading decision of the electricity market entities. Aiming at the bundled electricity trading of RE, the optimal gaming profit model of RE generators and power retailers are established with the conditional value at risk (CVaR), and the optimal trading decision with and without power insurance is solved by backward induction. In addition, according to the RPS requirements and user benefits, trading strategy of non-bundled electricity of RE is designed. The results of the cases show that the introduction of output power insurance can effectively promote the motivation of RE generators to put into production, save the cost of power retailers, reduce the impact of green certificates price fluctuations on the power retailers, and strongly encourage power retailers to meet RPS requirements.