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The financial transmission rights market stands at the center in the modern electricity market design.Its basic functions provide enormous convenience for risk management of market participants,and highly improve the efficiency of electricity market.Although the financial transmission right market has not been introduced in China,some of the problems exposed in the eight pilot areas for electricity spot market are expected to be solved by the financial transmission right market.Hence,based on the review of domestic and abroad literature,three critical problems of the financial transmission rights market are specifically selected for targeted research in this thesis.Firstly,the basic logic of the mechanism design of financial transmission rights market are investigated,based on theoretical analysis and the comparison of abroad practical experiences.This Chapter i)introduces the fundamental functions of financial transmission rights market in detail,such as congestion risk hedging,congestion surplus allocation and price discovery;ii)summarizes and compares the mechanism design of financial transmission rights market in PJM,European Union and New Zealand,including the implementary background,market structure,contract design and market performance;iii)concludes the basic logic of the mechanism design for transmission rights market.Secondly,the revenue adequacy problem is studied deeply and systematically.This Chapter i)expounds the appearance and essence of the revenue adequacy problem,based on the financial settlement and mathmatical theory perspective;ii)analyzes the impacts of grid topology change,line parameter variation and load distribution factor distortion on revenue adequacy and the corresponding solutions from an engineering perspective;iii)conducts numerical simulations to verify several scenarios of revenue inadequacy presented in ii),and further test the performance of corresponding solutions;iv)discuss the potential challenge of maitaining revenue adeqyacy of financial transmission rights market and corresponding policy solutions in China,Thirdly,the impact of bidding capacity on price discovery function of financial transmission rights market is investigated.This Chapter i)proves that the constraints of bidding capacity may lead to distortion of clear price and lower auction revenue,based on mathematical optimization theory,ii)further validates the theoretical result by numerical experiments,with simple6-node 3-machine sytem and IEEE 118-node 54-machine system applied separately,iii)discusses the possible solutions to weaken the impact of insufficient bidding capacity.