Abstract: With the gradual liberalization of the electricity market, emerging market subject such as wind power, photovoltaics (abbr. PV) power and energy storage system are allowed to participate in the electricity market. Firstly, starting from the participation of emerging market subject in the value system of electricity market, the interest flow relationship and game relationship of its participation in market transactions was analyzed, and the electric energy value, auxiliary service value and green energy value of its participation in the electricity market were quantified. On this basis, from the perspective of standalone type, aggregation type and hybrid type the business modes, by which the emerging market subject participated in electricity spot market, were put forward. The standalone type allowed the emerging market subject with larger capacity or under specific scenario and other market subjects entering the market in equal status bidding. The aggregation type allowed the emerging market subject to be aggregated into virtual power plants to participate in market bidding. The hybrid type focused on diversification and free participation, and allowed partial electric quantity of emerging market subject individually participating in and partial electric quantity aggregated into virtual power plant to participate. Secondly, a clearing model, in which the game theory-based emerging market subject participated in combined spot market, i.e., day-ahead electric energy market and auxiliary service market, was constructed, and the constrain conditions under different participation ways were given. Finally, taking typical application scenario for example, the feasibility and effectiveness of the proposed commercial mode are verified.