As the integrated energy market evolves toward a multi-stakeholder coexistence model, balancing economic efficiency, user well-being, and system-level sustainability among interacting stakeholders has become a key challenge, particularly in the rapidly developing regional integrated energy markets in China. Thus, to satisfy user comfort and energy substitution requirements while achieving cost-effective electricity and heating supply, this study proposes a Stackelberg game-based market trading framework involving an integrated energy producer (IEP), an integrated energy operator (IEO), and a load aggregator (LA). First, the integrated energy market framework and transaction modes are established, and the profit models of IEP and IEO are formulated. Considering users’ energy substitution behavior, user comfort is quantified to explicitly reflect user welfare in market decision making, and a consumer surplus model is developed for LA participating in market transactions. Second, a Stackelberg game framework is constructed to coordinate the strategies of all participants by incorporating source–load energy flows, and the equilibrium solution is proven to be unique and solvable using quadratic programming. Finally, a case study based on historical data from Hebei Province, China, is conducted to validate the proposed strategy. The results demonstrate that the proposed method effectively coordinates the interests of all stakeholders, enhances demand response capability without reducing user comfort, and improves economic benefits for both supply and demand sides in regional integrated energy markets.
Yang et al. (Sat,) studied this question.