Abstract: In the electricity market environment, with the formation of regional power market of the provincial power companies and power companies in bilateral co bidding competition, the issues of both supply and demand pricing strategy and market stability strategic points are studied. Under the southern regional electricity market rules, the provincial power companies and power generation companies of different bidding strategies are analyzed. The evolutionary game theory of multi population replicator dynamics model is applied to simulate the evolution process and the evolutionarily stable strategies of the provincial power companies and the power companies bidding strategy. Results demonstrate that low priced sale of electricity power and high priced of the provincial power company are the market stability strategies, which is in accord with the result of simulation operation. The model can provide reference for the market regulators and the market participants to determine bidding strategy.