In recent years, the rapid growth in demand for electricity as a result of increased levels of terminal electrification has furtherly amplified the peak-to-valley and seasonal characteristic of the electricity demand curve, and increased the scarcity of energy during seasonal peak periods. In order to reflect the value of peak hour units power supply, and to prevent unreasonable price spikes when supply and demand are tight or congestion is severe so that protecting the consumer’s interest, price caps are created.Most of the price caps currently used in China’s pilot spot markets are set with reference to peak hour tariffs and lack complete design principles and processes. By summarising and comparing the experience of offer caps and clearing price caps in worldwide dayahead electricity markets, a method for setting offer caps and clearing price caps in different development scenarios in China is proposed, with the aim of reflecting the true value of electricity and protecting the interests of consumers.