In the process of electricity market reform, the market construction of American and European electricity markets can provide important reference value for China. POOL, NETA and PJM electricity markets are taken as the examples to analyze the cost coverage in the process of electricity production. In the part of market composition, the trading mechanism of three markets are explained from a macro perspective. In the part of cost coverage, the cost generation and corresponding way of cost coverage is analyzed from three aspects：generation, transmission and distribution. The overall introduction and detailed comparisons from different aspects are combined to explain the electricity market models and rules under the different periods and market environment.