School of Electric Power, South China University of Technology, Guangzhou 510640, China

Frequency regulation plays an important role in maintaining the stable operation of power system. A reasonable frequency regulation product design and pricing mechanism help to optimize the allocation of frequency regulation resources. With the development of renewable energy and energy storage devices, the demand for system frequency regulation is increasing. Especially for fast frequency regulation resources, a single frequency regulation capacity price will be difficult to effectively compensate for the cost of frequency regulation resources. To this end, the Energy Regulatory Commission(FERC)decreed that the pricing mechanism based on frequency regulation mileage and frequency regulation performance should be used in the frequency regulation ancillary service markets of United States. This paper analyzes the latest frequency regulation pricing mechanisms in Pennsylvania-New Jersey-Maryland(PJM), California Independent System Operator(CAISO)and Electric Reliability Council of Texas(ERCOT), and compares the details and applicable conditions of trade mark, mileage pricing, market timetable, and lost opportunity cost calculation. Finally, according to the current situation of China's electricity market reform, the feasible suggestions for the construction of frequency regulation ancillary service market are put forward from different market stages.