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Highlights • A modified multi-period Nash-Cournot model is established. • The large-scale of renewables and flexible resources are considered in the model. • The renewables curtailment situations are considered in the model. • An empirical example is provided, based on the real data of BTT region, China. • Suggestions for future electricity and environment policies are presented. Abstract Facing stricter energy policies, the power mix in China is experiencing significant changes. First, the proportion of renewables, which have intermittent and stochastic generation, is assumed to be rapidly increasing. Thus, there is an increasing requirement to install more flexible generation capacity in the power system. According to the Chinese government’s energy planning, in the near future, the proportion of gas-fired units will be greatly promoted to add flexibility to the power system. The impacts incurred by developing a high proportion of both renewables and gas-fired generation on the power market should be formulated and analyzed. In this study, a modified Nash-Cournot equilibrium model is proposed, considering renewable curtailment situations during valley times. Then, a large-scale and multi-period unit commitment model that considers the combined heat and power characteristics is presented to simulate market behaviors. On this basis, an empirical analysis of the Beijing-Tianjin-Tangshan power system equilibrium is illustrated as numerical examples, presenting the influences of the changing power mix on electricity prices, renewable energy integration, carbon emissions and air pollutant emissions. Finally, some suggestions on future electrical and environmental policies are presented. [ABSTRACT FROM AUTHOR]