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The development of foreign electricity markets has been relatively complete, while China's electricity market started late and the design of the market mechanism needs to be improved, so the selection of a suitable market model and the design of the market mechanism in hydropower‐rich regions is conducive to the healthy development of the electricity market. While most of the first eight pilot regions in China have entered the long‐period continuous operation stage, and all the second batch of six power spot pilots have started the simulation trial run. However, the construction of power markets in hydropower‐rich regions of China, Sichuan, and Yunnan, still faces multiple problems to be solved, such as ensuring the reliability of medium‐ and long‐term power supply, improving the efficiency of hydropower resources utilization and consumption scale, and maintaining the stability of market prices. In this paper, the authors establish a multi‐scale joint clearing model for different market models considering both long‐term and short‐term operation strategies, and conduct simulations of different market models at different time scales to compare and analyze the optimization results and electricity price fluctuations of different market models. It can stabilize the market price and reasonably reflect the true value of hydropower, and also promote the consumption of clean energy and guarantee the reliability of power supply in the medium and long terms. Finally, suggestions are made for the selection of electricity market models, the security of energy supply and the design of sustainable development mechanisms for hydropower in hydropower‐rich regions such as Yunnan and Sichuan in China, with a view to providing useful references for the construction of China's electricity market. [ABSTRACT FROM AUTHOR]

As the country implements the reform of the electricity market and a large number of renewable energy resources (RES) are connected to the grid, the model and algorithm of traditional transmission network expansion planning (TNEP) are not suitable. A model of TNEP is built, in which the investment cost of new lines and the market‐based annual congestion surplus are selected as objective functions. A probabilistic DC power flow method is used to describe uncertainties of RES generation. A new algorithm, Hybrid‐Adaptive Differential Evolution with Decay Function (HyDE‐DF), is applied to solve the model of TNEP for the first time. Analysis and comparison in the IEEE 18‐bus system and the 52‐bus system in an area of Sichuan Province prove the feasibility, effectivity, and practicability of the model and solving algorithm. Some comparisons are performed using other variants of Differential Evolution (DE) and a swarm intelligence optimization algorithm to demonstrate the performance superiority of the new algorithm and new application. It is worth mentioning that in the 52‐bus system of an area of Sichuan Province, the investment cost obtained by the new algorithm is at least one or two orders of magnitude lower than other algorithms. [ABSTRACT FROM AUTHOR]