Abstract：Under the planned system，the fixed price makes it difficult to encourage hydropower to participate

in regulation，and the complex hydraulic constraints lead to difficulties in hydropower spot market clearing. To

encourage hydropower to participate in regulation through spot-price incentives and enrich its revenue model，the

game bidding strategy and optimal dispatching method of river-basin hydropower in the spot market were studied.

Based on the hydraulic coupling relationship，the reservoir，and downstream power stations were bundled into a

river-basin hydropower aggregation quotation unit. The river-basin hydropower dispatching mode was proposed，

and the trading decision-making model and the spot market clearing model based on the river-basin hydropower

dispatching mode were constructed. Among them，the river-basin hydropower dispatching mode clarified the power quantity and price interaction relationships between each power station and the quotation unit，providing constraint conditions for the trading decision-making model；the trading decision-making model optimized the quantity and price declared in the spot market to maximize the revenue of the river-basin hydropower market；the market clearing model optimized the bid-winning quantity and price of power sources such as river-basin hydropower to minimize the system's power-purchase cost. Using a symbiotic multi-swarm particle swarm optimization to solve the model for the Wushui River Basin，the results show that，compared with the traditional bidding strategy and dispatching scheme，the proposed method can improve the peak-shaving ability of river-basin hydropower during the peak-load period；it can avoid the risk of being rejected in the market during the market declaration process，increasing the revenue of the river-basin hydropower market by 20.14%. The effectiveness of the proposed method was verified by simulation cases.

      Key words：basin hydropower；spot market；scheduling mode；revenue compensation；competitive bidding

strategy