The penetration of renewable energy in power systems is continually increasing as the global energy system transitions to low-carbon, leading to greater uncertainty intensifying the clearing pressure in electricity markets and the dispatching pressure in power systems. These factors pose challenges to the selection of power-balancing mechanisms. This paper focuses on the typical decentralized decision-making balancing mechanism exemplified by the Balancing Group mechanism in Germany. It analyzes its advantages, such as enhanced autonomy of market participants, reduced aggregation of system uncertainty, and lowered dispatch pressure. The paper first introduces the mechanism's fundamental structure and operational methods, highlighting the role of balancing groups as a key component. Next, it analyzes the characteristics of the German Balancing Group mechanism rules and the supporting mechanisms in actual operations and explores the decentralized nature of this mechanism. Finally, it explores the issues and adaptability faced in introducing related market-oriented balancing mechanisms in China, offering recommendations on dispatch levels, market participation, market integration, and technical support.

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Equilibrium analysis has been widely studied as an effective tool to model gaming interactions and predict market results. However, as competition modes are fundamentally changed by the decarbonization and decentralization of power systems, analysis techniques must evolve. This article comprehensively reviews recent developments in modelling methods, practical settings and solution techniques in equilibrium analysis. Firstly, we review equilibrium in the evolving wholesale power markets which feature new entrants, novel trading products and multi-stage clearing. Secondly, the competition modes in the emerging distribution market and distributed resource aggregation are reviewed, and we compare peer-to-peer clearing, cooperative games and Stackelberg games. Furthermore, we summarize the methods to treat various information acquisition degrees, risk preferences and rationalities of market participants. To deal with increasingly complex market settings, this review also covers refined analytical techniques and agent-based models used to compute the equilibrium. Finally, based on this review, this paper summarizes key issues in the gaming and equilibrium analysis in power markets under decarbonization and decentralization. @en