Abstract:Electricity spot markets discover real-time power prices through supply-demand dynamics to optimize power resource allocation. Independent energy storage participation leverages price signals to support grid peak-shaving and valley-filling, enhancing system efficiency. This study proposes storage revenue models and bidding strategies—comparing quantity bidding with price offers versus without price offers—using electricity spot market in the China Southern Region clearing mechanism and storage pricing policies. A revenue-maximizing charge-discharge optimization model was developed, and price declaration strategies for both participation schemes were formulated. Based on November 2024 actual data from the Southern Regional Electricity Spot Market, expected revenues were quantified across three operational modes: 1) time-of-use pricing, 2) spot market participation with quantity-only bidding, and 3) spot market participation with quantity-price bidding, with key profitability factors analyzed. Results demonstrate effective price-guided storage operation, confirming that under current policies, the price-offer scheme delivers higher profitability than the non-price-offer alternative by capturing congestion management benefits. Simultaneously, the results confirm that market price curves and the grid node location critically determines the revenue potential of energy storage in electricity markets.