Starting from the history of Guangdong power industry, the power market reform in Guangdong province is retrospected in this paper. It is suggested that Guangdong should further construct the generation (consumption) contract trade market. Based on an illustration of the main principles of constructing the generation (consumption) contract trade market, a market model with two specific layers is proposed: basic generation contract trade market and bilateral generation (consumption) contract trade market. Based on this proposal, institution of each market is designed including market definition, implementation area, business mode, transaction method, trade period, settlement, etc. Finally, the pros and cons of the two markets are analyzed.