## 5 Conclusions  
This paper uses market means and carbon incentive measures to promote the consumption of new energy and establishes a bi-level model of emission reduction under the hybrid electricity market considering source and load coordination. Cases based on the IEEE9-node system were studied to test the effectiveness and superiority of the proposed bi-level model and the carbon incentive mechanism. The results show that the proposed hybrid electricity market trading mechanism improves the economy of power producers and users participating in the market. More specifically, according to the analysis, the primary findings are as follows:  
1. The simulation results show that the carbon emissions of the system are closely related to the setting of carbon prices, presenting a trend of decreasing with the increase in carbon prices. Therefore, systematic emission reduction can be achieved by collocating a reasonable carbon price;
2. Case I only considers the pool trading mode which limits the approach of new energy power generators and users to participate in the market; the electricity sold by new energy generators is the least among the three cases which leads to the smallest profit for new energy generators;
3. Case III introduces the bilateral transaction mode which provides a new way for market players to take part in the market and reduces the carbon emissions of the system by 10.2% compared with the single pool trading mode; the electricity cost of users is reduced by 24.2%;
4. On the basis of Case III, Case II adopts the carbon emission flow theory to apportion the carbon responsibility on the user side and guides the user's electricity consumption behavior to develop in the direction of low-carbon from the perspective of carbon which further reduces the carbon emissions of the system by 1.7%.  
Overall, this study provides a theoretical reference for the realization of low-carbon power market dispatch by market means and promotes the market emission reduction process to a certain extent. However, since the development of China's electricity market is still in the early stage, there are many problems existing in the participation of new energy in the electricity market. The first is that the randomness of new energy output and the continuous increase in new power generators have brought certain challenges to the design of market mechanisms. The second is that the mechanism for new energy to participate in bilateral electricity trading is not mature enough at this stage and the specific implementation methods are different according to the provisions of local market rules. In the future, it is recommended to study the bilateral market trading mode to explore the electricity price that reflects the real supply and demand relationship in the market and find out the most suitable electricity-carbon incentive mechanism for systematic emission reduction.  
Conceptualization, H.Z.; Methodology, H.Z. and X.D.; Software, X.D.; Validation, H.Z.; Formal analysis, H.Z. and X.D.; Investigation, L.Z. and H.Z.; Resources, L.Z. and H.Z.; Data curation, X.D.; Writing--original draft, X.D. and H.Z.; Writing--review and editing, H.Z. and L.Z.; Visualization, H.Z. and X.D.; Supervision, L.Z.; Project administration, L.Z. and H.Z.;Funding acquisition, L.Z. and H.Z. All authors have read and agreed to the published version of the manuscript.  
This research was funded by the National Natural Science Foundation of China (52007103) and the Natural Science Foundation of Hubei Province, China (2022 CFD167).  
Not applicable.  
The data that support the findings of this study are available from the corresponding author upon reasonable request.  
The authors declare no conflict of interest.