Bi-level frequency regulation resource trading for Electricity Consumers: A Data-driven contract approach

•The bi-level frequency regulation resource trading for ECs based on the data-driven contract approach is proposed.•The ASP is introduced to design the bi-level frequency regulation resource trading. By the aggregation, the information between ECs and regulation market operator can be fully utilized and modelled by ASP.•Both the physical attribute and economic attribute of each EC are considered simultaneously in the contract-based incentive mechanism between ASP and ECs.•A data-driven approach is proposed to model the capability of each EC, including the regulation preference index and preferred trading capacity, by which the type of each EC is obtained based on real power profile.