The　integration　of　large-scale　renewable　energy　sources　requires　a　higher　level　of　peak　regulation　capability　in　China　Power　Grid,so　rapid　development　of　peak　regulation　auxiliary　service　market　can　serve　as　an　important　way　to　accommodate　renewable　energy　production.　The　current　market　design　and　trading　mechanism　of　peak　regulation　auxiliary　service　in　China　are　investigated,and　a　market　trading　model　based　on　the　unilateral　bidding　of　thermal　units　is　developed.　The　objective　of　the　model　is　to　minimize　the　dispatching　cost　of　thermal　peak　regulation　resources,which　satisfies　a　few　operating　constraints　related　with　real-time　power　flow　balance,renewable　energy　curtailment,and　ramping　limits　of　thermal　units.　Moreover,a　new　market　mechanism　and　implementation　mode　is　designed　involving　the　bilateral　bidding　of　both　the　renewable　energy　and　thermal,which　can　motivate　renewable　energy　producers　to　actively　participate　in　the　peak　regulation　market.　At　the　same　time,a　bilateral　trading　model　that　maximizes　the　total　social　welfare　is　proposed,and　the　evaluation　method　of　interest　for　different　market　entities　is　demonstrated.　The　case　study　is　performed　on　a　practical　system,and　the　trading　results　of　peak　regulation　market,renewable　energy　accommodation　situation　and　interest　of　different　entities　under　unilateral　and　bilateral　trading　mechanism　are　analyzed,so　that　the　effectiveness　of　the　model　is　validated.　©　2021,　Electric　Power　Automation　Equipment　Press.　All　right　reserved.