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Article

Research on the Current Status and Key Issues of China’s Green Electricity Trading Development

by
Yan Lu
1,
Bo Ning
2,
Pengyun Geng
1,
Yan Li
3,* and
Jiajie Kong
3
1
State Grid Jibei Electric Power Company Limited Economic Research Institute, Beijing 100038, China
2
State Grid Jibei Electric Power Trading Center Company Limited, Beijing 100054, China
3
School of Economics and Management, China University of Geosciences Beijing, Beijing 100083, China
*
Author to whom correspondence should be addressed.
Energies 2025, 18(7), 1726; https://doi.org/10.3390/en18071726
Submission received: 23 September 2024 / Revised: 19 November 2024 / Accepted: 30 December 2024 / Published: 30 March 2025
(This article belongs to the Special Issue Energy Economics: Global Trends in Technology and Policy)
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Abstract

:
To achieve the dual carbon goals, countries are transforming their energy structures, with green electricity trading playing a pivotal role in this transition. This paper first analyzes the mechanisms and current state of green electricity trading. A bibliometric analysis was conducted using the keywords “green power” and “green electricity” on 2427 articles from the Web of Science core database (1984–2024). CiteSpace software 6.3 R1 was used to analyze publication volumes, contributing countries, and co-citation patterns of cited references, highlighting foundational research in this field. A deeper analysis of recent five-year trends reveals a focus on renewable energy, low-carbon policies, and the relationship between the green electricity economy and environmental development. This study finds that green electricity trading has become a growing theoretical research hotspot. Practically, China’s green electricity trading has made significant progress but still encounters challenges, such as insufficient operational mechanisms, technical barriers to grid integration, and obstacles in international green certificate trading. Based on the findings, targeted recommendations include enhancing market synergies, refining tariff mechanisms, and streamlining the trading process to support the sustainable growth of the green electricity market. This study highlights that green electricity trading is an emerging research focus, though its supporting infrastructure remains underdeveloped. Moving forward, enhanced policy support and increased R&D investment in renewable energy are urgently needed, particularly for advancing grid integration technologies for distributed energy. Additionally, aligning green electricity policies with broader low-carbon policies is essential. Furthermore, attention should be paid to the coordination between green electricity trading, economic development, and environmental protection.

1. Introduction

The severe challenges of global climate change have prompted the international community to set higher requirements for the reduction in greenhouse gas emissions and the advancement of energy transformation. Green electricity, as the most important form of clean energy development and utilization, plays an increasingly vital role in the adjustment of energy [1], and the vigorous development of clean energy has become an inevitable trend [2,3]. In response to the global call for green and low-carbon development, China proposed the goals of “carbon peak” and “carbon neutrality” in September 2020, demonstrating its determination to promote the transformation and upgrading of the energy structure. Against this backdrop, China has clearly defined the construction of a clean, low-carbon, safe, and efficient energy system, as well as the development of a new type of power system.
To achieve dual-carbon goals and develop a new energy-centric power system, regions have actively promoted green electricity market transactions. The green electricity trading mechanism, a key tool for integrating renewable energy into the market, significantly promotes renewable energy growth and highlights its environmental value. The evolution of green electricity trading aligns with the growing demand for low-carbon transformation and consumer adoption of green energy. It fosters a green, low-carbon consumption ethos in society, creating mutual benefits for renewable energy generation and utilization [4,5,6]. In September 2021, China’s green electricity pilot trading was officially launched [7]. Green electricity trading, a key innovation within China’s low-carbon policy framework, plays a critical role in developing the electricity market and improving the alignment of green electricity supply and demand. It is an essential means for China to achieve the “dual carbon” goals.
Green electricity, as an independent trading commodity, demonstrates its environmental value through market mechanisms, a widely recognized principle in global power market development. The environmental value of green electricity lies in its ability to reduce carbon emissions and its associated environmental premium. Current research highlights the carbon reduction potential of green electricity trading in mitigating emissions. For instance, Yang et al. (2024) developed a balanced model of green certificates, green electricity markets, and power transmission to explore the impact of green electricity trading on inter-regional power transmission [8]. Their findings suggest that the green electricity trading mechanism is an effective approach to enhancing renewable energy uptake and achieving net-zero emissions. Scholars commonly argue that the green electricity premium is a key reflection of its environmental value, and it plays a significant role in shaping the development of the green electricity market. Tang et al. found that the environmental premium of green electricity not only reflects its value but also supports the expansion of renewable energy generation companies [9]. Knapp et al. (2020) emphasized the fundamental differences between green electricity and conventional electricity trading, highlighting that environmental value, reflected through market premiums, is a key driver of green electricity adoption [10].
Current scholarly literature highlights the crucial role of green electricity trading in driving the transformation of power systems and increasing the adoption of renewable energy. Over the past three years, research in this area has grown substantially. Scholars have explored green electricity trading from multiple perspectives, with the primary themes centered around green electricity trading and green certificate trading. The scope of research spans from macro-level analyses, such as the impact of green electricity trading and related policies [9,11], to micro-level studies on interconnected microgrids [12], virtual power plant optimization models that factor in green electricity trading [13], and the willingness of residents to participate in such trading systems. Additionally, some scholars assert that research on market mechanisms for green electricity trading is predominantly focused on the green certificate mechanism [8,14]. For instance, Gao et al. introduced a revised green electricity trading mechanism for interconnected regional microgrids, which removes current limitations on green certificate issuance based on power generation, allowing microgrids and distributed generation to participate freely in regional green electricity trading [15].
Although research on green electricity trading has expanded, few scholars have conducted systematic reviews on the subject. Existing literature reviews on green electricity cover a wide range of topics, including renewable energy subsidies [16], the development of diverse renewable energy sources [17], the application of blockchain in green electricity trading platforms [18], mechanisms to increase renewable energy adoption through green trading [16], policy support for green electricity [19], and the evolution of energy trading in power markets [20]. Research methods primarily utilize qualitative analysis, though some studies incorporate bibliometric methods for quantitative insights. However, the total number of studies analyzed remains relatively small. For instance, Sun et al. analyzed the development trajectory of energy trading in power markets using 642 articles [20]. However, few literature reviews are dedicated exclusively to green electricity trading. Furthermore, as green certificates are essential proof of the environmental value of green electricity, some studies review the evolution of green certificate policies and related trading technologies. For instance, Chrysikopoulos et al. (2024) used bibliometric analysis on 940 papers to map the evolution and current state of green certificate research. They systematically evaluated research trends, prospects, and the future applications of technologies such as renewable energy support mechanisms, AI, and blockchain in the green certificate sector [21]. Danish et al. (2024) examined blockchain applications in green certificate mechanisms, summarizing implementation methods, contributions, and challenges associated with cross-chain technology [22]. However, few studies consider green certificate trading as an integral aspect of green electricity trading in comprehensive reviews. In conclusion, literature reviews on green electricity and green certificates are still limited in number, with an overall small body of work. Existing studies primarily focus on isolated aspects of green electricity or green certificates, lacking comprehensive analysis of these markets as a whole. Regarding research methods, the use of bibliometric tools remains limited in review papers, and there is a lack of visual analysis of existing research outcomes.
This study provides a comprehensive and multidisciplinary analysis of the green electricity trading mechanism, examining its global and China-specific development through bibliometric insights derived from CiteSpace. By visualizing publication trends, co-citation networks, and research hotspots, it systematically uncovers critical gaps and emerging frontiers. The research not only reviews existing mechanisms and practices but also highlights foundational studies, current trends, and future directions, offering actionable recommendations to advance sustainable and efficient green electricity trading. Through its integration of theoretical and data-driven approaches, this study contributes novel insights to this evolving field. In conclusion, this paper introduces the following innovations: (1) It provides an integrative analysis of green electricity trading by examining foundational research, current trends, and emerging hotspots. (2) This study employs CiteSpace to analyze the literature from the Web of Science Core Collection, conducting a multi-dimensional bibliometric analysis, uncovering pivotal trends and research priorities, and offering a robust framework for understanding the evolving landscape of green electricity trading.

2. Materials and Methods

2.1. Qualitative Inorganic Analysis

To provide a comprehensive analysis of the operational mechanisms and market applications of green electricity trading in China, we adopted an integrative qualitative approach. Specifically, this study draws data from institutional documents, government regulations and policies, the research team’s practical experience, and an extensive review of existing literature. By integrating data from multiple sources, this study delivers a comprehensive understanding of China’s green electricity trading system and conducts an in-depth analysis of its practical applications. The analysis focused on examining the operational mechanisms of green electricity trading, including the trading process, price formation mechanisms, and market regulation, while also evaluating the current state of market development. Furthermore, this study includes detailed case studies and comparative analyses of green electricity markets in other countries and regions to extract transferable lessons and identify areas for improvement. Ultimately, this study aims to provide a thorough and insightful academic overview of the current state of China’s green electricity market. The findings serve as valuable references for policymakers in optimizing policies, for industry stakeholders in strategic decision-making, and for guiding future academic research.

2.2. Bibliometric Analysis

Bibliometric analysis is a branch of library and information science that employs mathematical and statistical methods to quantitatively describe, evaluate, and predict the current state and developmental trends of academic research. It primarily encompasses the literature frequency analysis, citation analysis, co-citation analysis, and co-occurrence analysis. Utilizing bibliometric analysis enables researchers to collect, organize, and analyze extensive literature data, thereby identifying the research status within a specific field, capturing emerging research hotspots and frontiers, and highlighting potential research gaps. Common bibliometric software can be categorized into two main types: those based on social relationship matrices, such as BibExcel, Bicomb, and SATI3.2, and those utilizing social network clustering, including CiteSpace, VOSviewer, Ucinet, and NetDraw. These bibliometric tools facilitate effective quantitative analysis of the literature, visualize research outcomes, and support scientific management and decision-making with widespread application across various fields and disciplines.
Among these, CiteSpace, developed by Dr. Chaomei Chen at Drexel University using Java, is an information visualization tool that offers powerful data mining capabilities and a wide range of visualization features, including analysis of citations, authors, journals, and institutions. Currently, CiteSpace is extensively utilized in writing review articles, synthesizing theoretical perspectives, and analyzing evolutionary pathways. Considering the nature of this research and the substantial volume of data involved, we chose to employ CiteSpace for the literature visualization analysis, specifically focusing on publication volume, author collaboration networks, country collaboration networks, and keyword co-occurrences.

2.3. Data

For the literature selection in the field of green electricity trading, this paper utilized the high-quality, comprehensive, and authoritative Web of Science core collection as the literature database to identify relevant review publications. The keywords “green electricity” and “green power” were employed, with the search period set from 1984 to 2024. A total of 2427 records were retrieved, providing the foundation for analyzing the research basis and current status of green electricity trading. The detailed analysis process is illustrated in Figure 1.

3. Results and Discussion

3.1. Operational Mechanism and Development Status of Green Electricity Trading

3.1.1. Design of China Green Electricity Trading Mechanisms

Green electricity encompasses the total output from registered renewable energy projects that meet national policy standards. These include wind energy (distributed and offshore), solar energy (photovoltaic and solar thermal), conventional hydropower, biomass, geothermal, and marine energy. Green electricity trading refers to the exchange of green electricity along with its environmental attributes, verified by state-issued green certificates. This system meets the selling and purchasing needs of generation companies, power sales firms, and electricity consumers. China’s green electricity trading models fall into two main categories. The first involves direct trading between electricity users (including power sales companies) and generation companies. Pricing mechanisms in this model are flexible and include bilateral negotiations, centralized matching, and posting aimed at fostering efficient supply-demand matching. The second category involves the guaranteed purchase of green electricity through power grid companies, where provincial power grid companies and electricity users can engage in centralized bidding and posting transactions. Provincial power grid companies also serve as organizers of cross-provincial market-based transactions, reselling green electricity acquired through cross-provincial trading to users within their provinces. Electricity users receive green certificates after consuming green electricity, formally recognizing their environmental contributions.
Green electricity trading is the core link in the operation of the green electricity market with significant characteristics. Sun (2024) pointed out that green electricity trading provides green electricity consumption certification while meeting the green electricity demand of power users, and its essence is to set up a new trading variety within China’s medium- and long-term power market system, which can give priority to the organization, prioritized arrangement, prioritized execution, and prioritized settlement in the power trading and grid scheduling and operation, and reflect the green value of electric power commodities by means of market-based means [23]. Chen (2022) pointed out that under the green electricity trading model, green electricity and green certificates are traded simultaneously. Power users participating in green electricity trading can simultaneously settle their transactions and obtain green certificates. This process ensures that the value of the electricity and its environmental benefits are reflected synchronously [24]. Shan et al. (2022) pointed out that China’s green electricity trading mechanism system, built on the basis of the traditional electricity market with green electricity trading as the main means as well as green electricity certificate trading as a complementary measure, is a market mechanism system that can comprehensively reflect the value of green electricity’s electric energy and environmental value [25]. From the demand side, the green electricity trading mechanism also has its own rationality of existence; Shi (2023) pointed out that export-oriented enterprises need to provide internationally recognized proof of green electricity consumption behavior in order to deal with the carbon tariff regulation mechanism and other international trade barriers [26].

3.1.2. Current Status of Green Electricity Trading

Current Status of International Green Electricity Trading

Driven by climate change and carbon neutrality targets, nations are promoting renewable energy by increasing the consumption of green electricity, which helps reduce carbon dioxide emissions. Green electricity trading is classified into two main types: integrated green electricity and certificate trading (where electricity and certificates are bundled) and green certificate trading (where they are traded separately). From a regulatory perspective, green electricity trading can be further divided into mandatory and voluntary trading. In mandatory trading, governments set quota requirements that must be met to achieve specific green electricity consumption targets. Voluntary trading, by contrast, occurs between parties based on mutual agreement. Regarding trading formats, scholars have identified three primary types of green electricity trading globally: exchange trading, broker-mediated trading, and bilateral trading. Exchange trading is exemplified by countries like India, where trading platforms play a central role. Broker-mediated trading occurs mainly through intermediaries, with fewer transactions taking place on central or bilateral trading platforms. Notable examples include Poland, New Jersey’s solar market, Sweden and Norway’s GO market for large-scale Nordic hydropower, and the Green-e market. Bilateral trading, where transactions are executed directly between parties without intermediary support, is represented by markets such as Nature Made Star and Oregon.
Specifically, the implementation of green electricity trading policies demonstrates significant national variations and characteristics. In the United States, green electricity trading policies combine state-driven bottom-up initiatives with federally imposed top-down regulations. The European Union promotes a long-term power purchase model for green electricity trading, primarily facilitated through Power Purchase Agreements (PPAs) between electricity suppliers and consumers. In Australia, the Renewable Portfolio Standards (RPSs) quota system requires electricity wholesalers to incorporate a designated percentage of renewable energy in their procurement strategies. European and North American countries have established advanced green electricity market mechanisms, allowing participants to access green electricity flexibly in both mandatory and voluntary markets. Many countries have implemented comprehensive management systems for the entire lifecycle of green electricity certificates, ensuring traceability and international recognition for issuance, transfer, and cancellation. This framework has positioned these certificates as reliable tools for multinational corporations aiming to achieve carbon neutrality through the purchase of green electricity. The scale of international green electricity trading is growing rapidly. In 2023, Europe completed 272 renewable energy PPA transactions, with a total trading volume of 16.2 GW, marking a year-on-year growth of over 40%, according to Pexapark (“Pexapark said that the number of European power purchase agreements reached a record in 2023”. pv magazine, https://www.pv-magazine-china.com/2024/01/31/pexapark (accessed on 18 November 2024)). Scholars analyzing green electricity trading markets across regions have identified distinct wholesale trading characteristics and varying degrees of market liquidity success. Trading via exchanges or brokers is typically more effective at enhancing market liquidity than direct transactions. Policymakers and regulatory bodies may need to intervene in green electricity trading policies to ensure effective market operation. Market participants can improve price transparency and increase the probability of successful transactions by utilizing brokers or central trading platforms, and they can also trade in other green electricity markets.

Current Status of China Green Electricity Trading

Similar to international green electricity trading systems, China’s green electricity trading is primarily divided into two types: green electricity trading and green certificate trading. Both green electricity and certificates reflect the environmental value of renewable energy and are key to fostering low-carbon consumption. To accelerate the development of renewable energy and promote the efficient use of clean energy, China issued the “Notice on the Trial Implementation of the Issuance and Voluntary Subscription of Renewable Energy Green Electricity Certificates” in 2017, officially introducing the green electricity certificate system. In 2021, China launched a formal green electricity trading system, encouraging direct transactions between electricity-consuming enterprises and wind and photovoltaic power generation companies. To further increase the share of renewable energy consumption, China has introduced a series of policies focusing on green electricity and green certificates.
Currently, China’s installed capacity and electricity generation from renewable energy sources continue to rise. Following the full implementation of green certificate issuance, China is poised to become the largest supplier of green certificates globally. However, the consumption of green electricity in China remains in its nascent stages, accounting for a very small percentage of total electricity consumption. Data reveal a notable increase in green electricity trading within the country. In 2023, the total volume of green electricity traded reached 53.77 billion kilowatt-hours, with overall renewable energy installed capacity reaching 1.45 billion kilowatts and electricity generation totaling 3 trillion kilowatt-hours, representing approximately one-third of the total electricity consumed across society (The green transformation of energy consumption has been steadily promoted: the scale of green electricity transactions has expanded, and green certificates have been issued with full coverage. http://finance.people.com.cn/n1/2024/0114/c1004-40158500.html (accessed on 18 November 2024)). Nevertheless, the proportion of green electricity trading relative to the overall national market trading volume remains relatively low, suggesting that market vitality requires further enhancement. According to the China Electricity Council, the total intra-provincial trading volume for electricity in 2023 was 4509 billion kilowatt-hours; the intra-provincial trading volume of green electricity only accounts for 1.19% (Brief introduction of national electricity market transactions from January to December 2023. https://www.cec.org.cn/detail/index.html?3-330063 (accessed on 18 November 2024)). The national market trading electricity volume and green electricity provincial transaction volume from 2021 to 2023 are shown in Figure 2.
Extensive academic discourse has emerged in response to the current state of green electricity trading development in China, with a primary focus on advancing renewable energy. Song et al. (2022) conducted a comprehensive review of the evolution of renewable energy-related legislation in China, indicating that there is a need for improvements to better align renewable energy policies with legal frameworks and industrial development demands [27]. Tang et al. (2023) observed that green electricity trading effectively mitigates the urgent debt issues faced by renewable energy generators and fosters innovation in green electricity generation technologies. The advancement and refinement of these technologies represent another crucial area of research [9]. Yu et al. (2020) emphasized that incentivizing power companies to invest in renewable energy generation technologies is vital for optimizing the electricity generation structure [28]. Xu and Lin (2024) identified green technology innovation and foreign direct investment as two key intermediary mechanisms through which green finance influences wind power development [29]. Ali et al. (2021) demonstrate that green technology strategies significantly enhance the sustainable development of solar power projects [30]. Furthermore, some scholars have highlighted the importance of aligning green electricity trading policies with other low-carbon policies to facilitate the attainment of carbon neutrality goals. Zhao et al. (2022) argue that China’s current Renewable Portfolio Standards (RPSs) and green certificate mechanisms replace previous subsidy policies, enabling medium- to long-term energy development through market-driven strategies while tackling incentive withdrawal challenges [31]. Li et al. (2023) propose fostering synergy among relevant markets to facilitate the transition to clean, low-carbon energy, suggesting a framework that integrates local green electricity certificates, carbon emission rights, and electricity trading [32].

3.2. Bibliometric Analysis Results

3.2.1. Publication Volume

Publication volume serves as a crucial indicator for assessing research progress within a specific field over a designated timeframe, offering an intuitive representation of the development trajectory in that domain. Based on the search results, statistical analysis was conducted on publication volume data regarding green electricity trading from 2014 to 2024, resulting in the creation of a time distribution chart for publications in this area, as illustrated in Figure 3. Between 1984 and 2002, the annual publication volume remained relatively low, with only one publication in 1984, no publications recorded from 1985 to 1993, and fewer than ten publications between 1996 and 2002. This suggests that research on green electricity was still in its nascent stages during this period, exhibiting minimal growth. Following 2002, the publication volume began to increase gradually, rising from 12 publications in 2003 to 98 in 2015. From 2016 onward, significant advancements have occurred in green electricity trading research, with annual publication volumes surpassing 100 and reaching over 350 by 2023. This surge in research may be attributed to China’s initial issuance of green certificates and voluntary subscription trials in 2017, followed by the formal launch of green electricity trading in 2021.
In summary, the notable increase in the number of publications in the field of green electricity trading not only indicates the vigorous development of research in this area but also reflects the combined efforts of multiple factors. The urgent need for global climate change mitigation and energy transformation, the continuous advancement and cost reduction in renewable energy technologies, the active support of national policies and the increasingly sophisticated market mechanisms, as well as the enhanced international cooperation and exchanges, have jointly promoted the in-depth exploration and expansion of research on green electricity trading. Especially in recent years, the introduction of green certificate systems and formal green electricity trading markets in countries such as China have further stimulated research vitality, making green electricity trading a hot topic of common concern in both academic and practical fields.

3.2.2. Analysis of Issuing Countries

The visual analysis of the collaboration network among publishing countries is depicted in Figure 4, where green circles represent individual country nodes. There are 97 nodes in total, with Figure 4 highlighting only those countries that published over 60 articles. The total number of connections is 876, resulting in a network density of 0.1881. The dense connections signify close collaboration among the countries. Specific publication counts are detailed in Table 1. The analysis indicates that China has the highest publication count, totaling 896 articles, which constitutes 36.9% of all publications. The USA ranks second with 283 articles. Together, China and the USA contribute a total of 1180 publications, accounting for 48.6% of the overall output, nearly half of the total. This underscores the significant roles of China and the USA in the field of green electricity trading research. Other countries with considerable publication counts include England, India, and Germany, each exceeding 100 articles.
The number of publications can reflect a country’s development, influence, and commitment to green electricity trading. In China, following the formal implementation of green electricity trading in 2021, the government has placed significant emphasis and support on the advancement of green energy and trading. The National Energy Administration and the National Development and Reform Commission have issued a series of policy documents providing clear guidance and support for green electricity trading. This favorable policy environment has facilitated research, leading to China’s top position in publication count. In the United States, beginning in the 1990s, various states started to implement Renewable Portfolio Standards (RPSs), which serve as a primary governmental support mechanism for renewable energy. These standards impose requirements on electricity suppliers regarding the proportion of green electricity supplied within designated timeframes. This policy has bolstered the successful promotion of green electricity and green certificates in the U.S., resulting in a mature trading system. Developed countries such as the United Kingdom and Germany, which have relatively mature renewable energy development systems, are committed to further in-depth research on green electricity trading. Furthermore, in recent years, developing countries such as India have made significant progress in green electricity trading. The Indian government has promoted the production and consumption of green electricity by implementing a series of policies and measures, such as expanding renewable energy installed capacity and promoting green certificate trading, resulting in a substantial increase in related publications.

3.2.3. Co-Citation Analysis on Cited References

Figure 5 illustrates the results of a co-citation analysis involving 2620 documents, which generated 709 nodes and 2509 connections. This analysis highlights frequently cited papers in scholarly research, thereby offering foundational knowledge support for subsequent studies. Additionally, a clustering analysis was performed on the co-citation literature, utilizing paper keywords as the clustering data source and employing the LLR algorithm. This analysis yielded 18 clusters, with a modularity value of 0.8452 and an average silhouette value of 0.9465, indicating a clear delineation of the clusters. Figure 6 reveals that within the top five clusters of co-cited literature, the clusters associated with green certificates are ranked highest: #1 tradable green certificate, #2 renewable energy transition, #3 green hydrogen, #4 carbon emission trading system, and #5 blockchain.
Notably, the #1 tradable green certificate cluster is the largest, reflecting that early research on green electricity trading predominantly focused on the mechanisms for trading green certificates. This system provides renewable energy producers with an additional revenue stream, thereby incentivizing further investment in the sector. A notable overlap exists between the #2 renewable energy transition and the #4 carbon emission trading systems, reflecting a strong conceptual and practical linkage. The research underscores that the interaction between green certificates and carbon trading policies is a critical focus, particularly in their application to the electricity sector. For instance, Feng et al. (2021) noted that this synergy helps reduce carbon emissions in the electricity sector and promotes the optimization of the electricity resource mix [33]. Additionally, Abbasi et al. (2021) confirmed the positive impact of growing renewable energy investment on environmental protection [34]. In the #3 green hydrogen sector, researchers primarily focus on the technological and economic feasibility of green hydrogen development. Armijo (2020) created a techno-economic model validating the economic feasibility of green hydrogen synthesis, offering a theoretical foundation for future economic assessments and trading research [35]. Research on the #5 blockchain cluster primarily explores the integration of blockchain technology with green electricity trading, emphasizing its impact on efficiency and transparency. Additionally, studies have examined the technological feasibility of blockchain in green electricity trading [36,37]. For example, Armijo and Philibert (2020) proposed a techno-economic model to evaluate the economic viability of green hydrogen production [35].
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Figure 5. Co-citation analysis on cited references. (a) Network analysis of highly cited articles; (b) cluster analysis of thesis subject terms [28,35,36,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55].
Figure 5. Co-citation analysis on cited references. (a) Network analysis of highly cited articles; (b) cluster analysis of thesis subject terms [28,35,36,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55].
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Figure 6. Keyword clustering visual analysis—timeline view. (The different colors of the circles correspond to the color of the year. The red segments of the node year circles signify that the literature published in the corresponding years has made a significant academic impact).
Figure 6. Keyword clustering visual analysis—timeline view. (The different colors of the circles correspond to the color of the year. The red segments of the node year circles signify that the literature published in the corresponding years has made a significant academic impact).
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3.2.4. Research Hotspots in the Last 5 Years

The keyword clustering visualization analysis utilizes paper keywords as data sources and employs the LLR algorithm for clustering. The results of this analysis are illustrated in Figure 6, which includes a total of 358 nodes and 2131 connections. The clustering process yielded five clusters with a modularity value (Q) of 0.4693. CiteSpace provides two metrics, modularity and average silhouette, to describe the clarity of the network structure and clustering. A modularity value greater than 0.3 is generally regarded as significant. The average silhouette value (S) is 0.7454; values above 0.5 indicate reasonable clustering, while those exceeding 0.7 suggest compelling clustering. This suggests that the clustering divisions are clear, with high homogeneity among the clusters. To further explore the relationships between different clusters and the historical span of important nodes within each cluster, a timeline view was employed for the visualization of literature data. In the timeline view, the numbers on the right represent cluster categories (#No.); the years indicated at the top of the figure correspond to the research years. Red highlights emergent citations, which indicate a sudden increase in citation volume, signifying significant literature within the cluster. The arcs above each node illustrate the duration of research on that keyword and its connections to other keywords. The colors of the nodes and lines align with those in the keyword clustering analysis. Nodes within the same cluster are arranged chronologically on the same horizontal line, thereby illustrating the historical evolution of that cluster.
Based on the keyword clustering analysis, the primary research directions in green electricity trading over the past five years have been identified as follows: #0 blockchain, #1 CO2 emissions, #2 renewable portfolio, #3 green hydrogen, #4 power structure, and #5 sustainable development. Figure 6 illustrates that the #0 blockchain cluster is the most prominent, featuring substantial research on the application of blockchain technology in green electricity trading. Two key themes within this cluster are energy trading and climate. Blockchain’s decentralized and immutable nature is seen as enhancing the transparency and efficiency of green electricity trading while also aiding in tracking and verifying the production and consumption of green electricity, thus contributing to carbon reduction objectives. #1 CO2 emissions focus on the impact of green electricity trading in reducing CO2 emissions. Studies have found that by optimizing the power structure and improving renewable energy utilization, green electricity trading can significantly reduce the carbon footprint of the electricity sector. #2 Renewable portfolio explores the strategies for combining different types of renewable energy in green electricity trading. Studies suggest that through the optimal combination of renewable energy sources, such as wind and solar power, the supply stability and economic benefits of green electricity can be maximized. #3 Green hydrogen focuses on the production and utilization of green hydrogen. Researchers have focused on assessing the technical feasibility and economic viability of green hydrogen, viewing it as a promising component of future clean energy, particularly in transportation and industrial applications. #4 Power structure examines the impact of green electricity trading on the structure of power systems. Studies have found that green electricity trading enhances the flexibility and intelligence of power systems, enabling better adaptation to the variability of renewable energy sources. #5 Sustainable development explores the contribution of green electricity trading to the socio-economic sustainability of development. Studies highlight that green electricity trading not only aids in environmental protection but also generates new avenues for economic growth, promoting employment and social welfare.
The mutation detection calculations utilizing CiteSpace software can identify sudden increases in research interest within a field, which is an essential method for forecasting emerging frontiers and hotspots in research. Regarding paper emergence, the red segments of the node year circles signify that the literature published in the corresponding years has made a significant academic impact. According to the sample data, the top five keywords ranked by emergence intensity are presented in Table 2. Keywords such as “trade off”, “distributed energy resource”, “EU ETS”, “economic growth nexus”, “Kuznets curve”, and “ecological footprint” represent the current hotspots and cutting-edge topics in green electricity research. A thorough review and analysis of the literature indicate that the research hotspots in green electricity primarily revolve around renewable energy, green technologies, and low-carbon policies.

Renewable Energy

The emergence intensity of the term “ecological footprint” reached 1.81, peaking between 2022 and 2024. Studies show an inverse relationship between renewable energy usage and ecological footprint levels, indicating that increasing renewable energy adoption significantly mitigates the environmental impact of human activities. Kahouli et al. (2022) evaluated the impact of information and communication technology, green energy (including renewable energy and electricity consumption), and economic activities on environmental quality in Saudi Arabia. Their findings revealed a long-term negative correlation between renewable energy, electricity consumption, technological trade, total factor productivity, and environmental quality, indicating that the widespread adoption of green energy contributes to improving environmental conditions [56]. Liu et al. (2022) further examined the impact of green energy production, technological innovation, and green international trade on ecological footprints. They confirmed the negative correlation between green energy production and ecological footprints and emphasized that integrating green technology innovation with international trade effectively reduces ecological footprints [57]. Ramzan et al. (2022) examined the roles of information and communication technology, financial development, trade liberalization, and fossil fuel energy in Pakistan’s rising ecological footprint [58]. They suggested that Pakistan should increase investments in clean and renewable energy to combat the rising ecological footprint trend. These studies collectively highlight the critical role of renewable energy in reducing ecological footprints and advancing sustainable development, underscoring the importance of technological innovation and policy support in fostering the growth of renewable energy. With the increasing global awareness of environmental protection, there will be a stronger focus on investing in and researching green energy technologies in the future, aiming to mitigate ecological degradation and foster socio-economic sustainability.
The emergence intensity of distributed energy resources is 2.88, with a notable peak between 2020 and 2021. During this period, the P2P energy market garnered substantial academic interest. Ableitner et al. (2020) proposed that the P2P energy market could significantly increase the importance of renewable energy, providing a fresh perspective on the future evolution of energy market structures [59]. Park et al. (2021) proposed a bidding-based P2P energy trading optimization model, considering the green energy preferences of both producers and consumers. Their case study demonstrated that this trading mechanism effectively reduces carbon emissions according to green energy preferences [60]. Zaman and He (2021) proposed a platform design utilizing multilayer semi-permissioned blockchain and transaction quality modules to improve the security and efficiency of P2P energy trading [61]. Moreover, Nunna et al. (2020) compared existing auction-based market-clearing methods, using greedy and dynamic programming algorithms to offer theoretical and technical support for the design and optimization of P2P energy markets [62]. These findings lay a solid foundation for the practical implementation of P2P energy markets and provide effective pathways for promoting renewable energy and reducing carbon emissions. In the future, with continuous technological advancements and policy support, the P2P energy market is expected to play a pivotal role in driving the energy transition and achieving sustainable development goals.

Low-Carbon Policy Synergies

The emergence intensity of the EU Emissions Trading System (EU ETS) was 2.36, drawing significant attention, particularly between 2021 and 2022. While research primarily focuses on the EU carbon market, it also extensively examines the dynamics of carbon markets globally, with particular academic interest in China’s carbon market. Researchers have employed mediation analysis to explore the intricate relationship between carbon markets and renewable energy development. For example, Zhang et al. (2022) utilized a spatial Durbin model to explore the spatial spillover effects of the Chinese carbon market on renewable resource development and applied a multiple mediation model to identify the specific pathways through which the Chinese ETS influences renewable energy development. The results indicate that the implementation of the Chinese ETS suppresses renewable energy development in the policy-implementing regions while promoting it in adjacent areas. Moreover, the spatial spillover effect surpasses the direct suppressive effect, resulting in an overall promotional effect. Furthermore, the study finds that fossil energy consumption serves as the most critical transmission mechanism through which the Chinese carbon trading system impacts renewable energy development, accounting for 73% of the overall mediating effect, while the mediating contributions of energy intensity and green technology innovation represent only 27% [63].
Emissions Trading Systems and Tradable Green Certificates (TGCs) have been widely employed to promote renewable technologies and mitigate greenhouse gas emissions. Wu et al. (2022) empirically examined the interactions among the carbon market, TGC market, and electricity market using a Vector Autoregression (VAR) model to analyze price transmission between different markets, revealing that the return spillover between the carbon market and TGC market is positive and bidirectional over the medium to long term [64]. In the search for methods to connect carbon markets with electricity markets in terms of carbon reduction, some studies have indicated that electric vehicles (EVs) can effectively participate in the electricity market in various ways and promote the process of carbon emission reduction within the electricity market [65,66]. For example, Lei et al. (2023) proposed a novel methodology for grid integration of EVs, which could optimize EV charging schedules based on carbon emission prices and improve the economic feasibility of low-carbon transitions through EVs in China [67]. These studies have not only enhanced our understanding of carbon markets and their interactions with other markets but have also provided crucial policy recommendations for advancing renewable energy development and mitigating greenhouse gas emissions.

The Relationship Between Green Electricity–Economy and Environmental Development

The emergence intensity of the economic growth nexus is 2.05, with a significant emergence period spanning 2020 to 2021. Scholars have established a complex causal relationship between renewable energy consumption, environmental degradation, and economic progress through causal analyses. Sharif et al. (2020) employed monthly data from 1990 to 2017 to investigate the relationship between renewable energy utilization and environmental degradation in the ten most polluted countries. The results indicate a significant negative correlation between renewable energy consumption and environmental degradation in China, the United States, Japan, Canada, Brazil, South Korea, and Germany, primarily observed in both the upper and lower tails; conversely, findings for India, Russia, and Indonesia were entirely opposite. Furthermore, Granger’s quantile causality analysis results demonstrated a bidirectional causal relationship between renewable energy consumption and environmental degradation [68]. Ibrahiem and Hanafy (2021) concluded that economic growth, carbon emissions, trade openness, and foreign direct investment drive renewable energy investment, while factors such as energy security, energy usage, and population impede this transition. Additionally, a bidirectional causal relationship exists between energy security and economic progress [69]. Nuta et al. (2021) evaluated several drivers of carbon emissions related to urbanization and energy parameters within a cohort of emerging European economies from 1990 to 2015. Empirical evidence suggests that transitioning to renewable energy to satisfy energy demands is prudent [70]. Sun et al. (2022) utilized quantile regression methods to assess the asymmetric effects of renewable energy consumption, green innovation, globalization, and economic growth on carbon emissions in the ten most polluted countries from 1991 to 2018 [71]. The findings suggest that these factors exert an asymmetric influence on carbon emission reductions. In conclusion, the studies highlight that, alongside advancing renewable energy development, it is crucial to maintain a balanced approach encompassing economic growth, environmental protection, and social development.
The emergence intensity of “trade off” is 2.91, with a significant emergence period spanning 2021 to 2022. Iris et al. (2021) proposed a mixed-integer linear programming model to tackle the integrated operational planning and energy management challenges of smart grids, such as port microgrids, while accounting for the uncertainty associated with renewable energy generation [72]. Sadiq et al. (2021) demonstrated that the implementation of renewable energy in offshore systems, such as port microgrids, substantially improves energy efficiency and decreases reliance on fossil fuels [73].

4. Conclusions

This article comprehensively examines the design of green electricity trading mechanisms, their practical applications, and scholarly research. It adopts a holistic perspective to analyze the current status and key issues surrounding green electricity trading. The analysis reveals that green electricity trading is entering a rapid development phase, closely linked to advancements in renewable energy and carbon markets. The inherent randomness and intermittency of renewable energy generation present challenges for the operation of traditional power systems. Additionally, this article employs CiteSpace to conduct a bibliometric visualization analysis, exploring the research foundation, current status, and hotspots within the field. The following conclusions have been drawn:
(1)
Analyzing green electricity trading mechanisms and current trends reveals that as carbon neutrality goals advance, countries worldwide are increasingly prioritizing green electricity development. Governments are adopting policies to promote widespread green electricity adoption through both mandatory and voluntary measures. Notably, there are significant national variations and distinct features in these policies. Unlike conventional electricity trading, green electricity trading integrates both the value of electricity and its environmental value, with the latter mainly reflected through higher electricity prices and green certificate costs. The introduction of green certificates allows multinational corporations to meet their carbon neutrality goals by purchasing green electricity certificates, thereby accelerating the rapid expansion of the international green electricity trading market. Compared to other countries, China has a significant volume of green electricity trading, but its policy framework still requires refinement. The large-scale integration of green electricity presents significant challenges to grid integration due to its inherent randomness and intermittency. First, the expansion of distributed renewable energy has exacerbated the uncertainty in power system planning, with current operational mechanisms proving inadequate for supporting large-scale renewable energy deployment [74]. Second, the integration of large-scale, high-share renewable energy generation faces technical bottlenecks that hinder its absorption capacity, further compounded by the inadequacy of grid infrastructure to support the influx of renewable energy on a large scale [75]. Third, variations in energy policies, incentives, and market regulations across countries complicate the coordination of pricing, taxation, and subsidies for green electricity in international markets, leading to higher transaction costs and greater complexity.
(2)
In recent years, research in the field of green electricity trading has flourished, with a notable increase in the number of publications. This trend is jointly driven by various factors, including the urgent need for global climate change mitigation and energy transition, advancements and cost reductions in renewable energy technologies, national policy support, the improvement of market mechanisms, and deepened international cooperation. China and the United States dominate research in this field, accounting for nearly half of the total number of papers. This is attributed to China’s series of actions in recent years to fulfill its dual-carbon goals, such as green electricity trading pilots and expanding the scope of green certificate coverage. Meanwhile, the United States, as a leader in renewable energy development among developed countries, has been exploring ways to encourage renewable energy consumption for over 20 years. Through state-led initiatives and participation from various market entities, it has formed a pattern of clean energy consumption characterized by both mandatory and voluntary procurement methods and diverse procurement approaches. Additionally, the United Kingdom, India, and Germany follow closely in terms of the number of publications, with their practical experiences providing abundant cases and an empirical foundation for research on green electricity trading. In the future, with the further advancement of the global energy transition and the continued support of national policies, research in the field of green electricity trading is expected to achieve more breakthroughs.
(3)
In recent years, research on green electricity trading has concentrated on generation, trading mechanisms, technological support, and interconnections with carbon markets. This focus is particularly evident in studies examining ecological footprints, distributed energy generation, peer-to-peer (P2P) trading, blockchain technology, microgrid development, and the influence of carbon markets on renewable energy growth. Renewable energy adoption significantly lowers ecological footprints, driving increased demand for further development. The unique attributes of distributed energy, such as cleanliness, local balance, and high efficiency, have spurred innovations in P2P trading models, platforms, and mechanisms. Notably, blockchain technology has been integrated into green electricity trading platforms, enabling greater transparency and efficiency. P2P trading fosters active user participation in electricity markets, particularly in green electricity trading, where users act as both producers and consumers, effectively reducing carbon emissions. This approach is anticipated to play a pivotal role in driving the low-carbon transition of the power sector.
What is more, the zero-carbon attributes of green electricity inherently connect it to carbon market development. While significant research exists on carbon emission offsets via green electricity and green certificate trading, systematic studies on how to coordinate and synergize these mechanisms remain limited. Future efforts could integrate green electricity and green certificates into a unified carbon accounting system to enhance flexibility in carbon quota compliance. Moreover, scholars have identified a complex interplay between green electricity development, economic progress, and environmental degradation. Advancing green electricity requires carefully balancing its impact on economic growth and environmental protection to ensure sustainable development.
While this study makes a valuable contribution to the field of green electricity trading, it is not without limitations. As this study predominantly relies on existing market and policy frameworks, potential adjustments to these conditions in the future could influence the validity of the findings. To address these limitations, future research should focus on continuously monitoring policy dynamics and market shifts, adapting methodologies and research directions accordingly. Expanding the scope to encompass additional regions and industries would enhance the generalizability and applicability of the findings. Additionally, exploring collaborative mechanisms between green electricity trading and other energy and economic sectors is essential.

Author Contributions

Conceptualization, Y.L. (Yan Lu) and B.N.; methodology, Y.L. (Yan Lu) and P.G.; software, Y.L. (Yan Li); validation, Y.L. (Yan Lu), P.G. and B.N.; formal analysis, Y.L. (Yan Lu), Y.L. (Yan Li) and J.K.; investigation, Y.L. (Yan Li) and J.K.; resources, Y.L. (Yan Li) and J.K.; data curation, Y.L. (Yan Li) and J.K.; writing—original draft preparation, Y.L. (Yan Lu), Y.L. (Yan Li) and J.K.; writing—review and editing, Y.L. (Yan Lu), Y.L. (Yan Li) and J.K.; visualization, Y.L. (Yan Li) and J.K.; supervision, Y.L. (Yan Li) and J.K.; project administration, Y.L. (Yan Li); funding acquisition, Y.L. (Yan Lu) and Y.L. (Yan Li). All authors have read and agreed to the published version of the manuscript.

Funding

This paper is supported by the Science and Technology project of the Economic and Technology Research Institute of State Grid Jibei Electric Power Company Limited. “Green power trading mechanism under new power system and electricity-carbon-certificate collaborative optimization research” (SGJBJY00JJJS2400020); the Fundamental Research Funds for the Central Universities (Seek-Truth Scholar) “Research on multiple policy coordination and optimization design of carbon emission reduction in the power industry under the ’double-carbon’ target” (3-7-9-2024-10).

Data Availability Statement

The original contributions presented in the study are included in the article, further inquiries can be directed to the corresponding author.

Conflicts of Interest

Authors Yan Lu and Pengyun Geng were employed by the company State Grid Jibei Electric Power Company Limited Economic Research Institute. Author Bo Ning was employed by the company State Grid Jibei Electric Power Trading Center Company Limited. The remaining authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

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Figure 1. Literature data analysis process.
Figure 1. Literature data analysis process.
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Figure 2. National Market Trading Electricity Volume and Green Electricity Provincial Transaction Volume from 2021 to 2023.
Figure 2. National Market Trading Electricity Volume and Green Electricity Provincial Transaction Volume from 2021 to 2023.
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Figure 3. Analysis of published articles in the field of green electricity trading.
Figure 3. Analysis of published articles in the field of green electricity trading.
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Figure 4. Knowledge map of issuing countries (for research purposes, the figure displays only those documents with over 20 citations, focusing on the top five clusters. The numerical designations of the clusters (# No.) suggest that smaller numbers correspond to clusters containing a larger number of documents, thus signifying their greater importance in the study of the green electricity market).
Figure 4. Knowledge map of issuing countries (for research purposes, the figure displays only those documents with over 20 citations, focusing on the top five clusters. The numerical designations of the clusters (# No.) suggest that smaller numbers correspond to clusters containing a larger number of documents, thus signifying their greater importance in the study of the green electricity market).
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Table 1. Table on the number of major country launches.
Table 1. Table on the number of major country launches.
RankCountryVolume of Publications
1People’s Republic of China896
2USA284
3ENGLAND154
4INDIA125
5GERMANY112
6ITALY93
7AUSTRALIA90
8FRANCE73
9SOUTH KOREA71
10CANADA69
11SWEDEN61
12SPAIN60
Table 2. Keyword emergence in the green electricity research literature.
Table 2. Keyword emergence in the green electricity research literature.
KeywordsBurst StrengthStarting YearEnding Year
Trade off2.9120212022
Distributed energy resource2.8820202021
EU ETS2.3620212022
Economic growth nexus2.0520202021
Ecological footprint1.8120222024
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Lu, Y.; Ning, B.; Geng, P.; Li, Y.; Kong, J. Research on the Current Status and Key Issues of China’s Green Electricity Trading Development. Energies 2025, 18, 1726. https://doi.org/10.3390/en18071726

AMA Style

Lu Y, Ning B, Geng P, Li Y, Kong J. Research on the Current Status and Key Issues of China’s Green Electricity Trading Development. Energies. 2025; 18(7):1726. https://doi.org/10.3390/en18071726

Chicago/Turabian Style

Lu, Yan, Bo Ning, Pengyun Geng, Yan Li, and Jiajie Kong. 2025. "Research on the Current Status and Key Issues of China’s Green Electricity Trading Development" Energies 18, no. 7: 1726. https://doi.org/10.3390/en18071726

APA Style

Lu, Y., Ning, B., Geng, P., Li, Y., & Kong, J. (2025). Research on the Current Status and Key Issues of China’s Green Electricity Trading Development. Energies, 18(7), 1726. https://doi.org/10.3390/en18071726

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