With the continuous increase in the proportion of new energy in the power system, the market-oriented trading mode of new energy is gradually forming a system. Different proportions of new energy and different clearing modes will affect the clearing results of spot electric energy and frequency regulation ancillary service markets. To address this, the trading models of new energy participation in the market are summarized and a comparative analysis of the clearing rules of typical frequency regulation markets is conducted such as PJM (Pennsylvania-New Jersey-Maryland interconnection)and CAISO(California independent system operator)in the United States. On this basis, in order to simplify the complex market clearing process caused by separately accounting for opportunity costs, a frequency regulation market clearing model is constructed, where generating units voluntarily consider opportunity costs during capacity bidding, and the clearing sequence is determined based on the units′ declared capacity bids and mileage bids. Furthermore, based on this model, sequential and joint clearing models for the spot electric energy and frequency regulation ancillary service markets are proposed. To study the cost-effectiveness of market clearing under different mechanisms with high and low proportions of new energy participation, simulation cases are constructed for comparative analysis, which demonstrate that the joint clearing mode has certain advantages in the context of high proportions of new energy.