Search Results (25)

In the context of the global response to climate change and the active promotion of energy transformation, a number of low-carbon policies coupled with the development of synergies to help power system transformation is an important initiative. However, the insufficient articulation of the green power market, tradable green certificate (TGC) market, and carbon emission trading (CET) mechanism, and the ambiguous policy boundaries affect the trading decisions made by its market participants. Therefore, this paper systematically analyses the composition of the main players in the electricity-CET-TGC markets and their relationship with each other, and designs the synergistic mechanism of the electricity-CET-TGC markets, based on which, it constructs the optimal profit model of the thermal power plant operators, renewable energy manufacturers, power grid enterprises, power users and load aggregators under the electricity-CET-TGC markets synergy, and analyses the behavioural decision-making of the main players in the electricity-CET-TGC markets as well as the electric power system to optimise the trading strategy of each player. The results of the study show that: (1) The synergistic mechanism of electricity-CET-TGC markets can increase the proportion of green power grid-connected in the new type of power system. (2) In the selection of different environmental rights and benefits products, the direct participation of green power in the market-oriented trading is the main way, followed by applying for conversion of green power into China certified emission reduction (CCER). (3) The development of independent energy storage technology can produce greater economic and environmental benefits. This study provides policy support to promote the synergistic development of the electricity-CET-TGC markets and assist the low-carbon transformation of the power industry. Full article

In the context of achieving low-carbon goals, building low-carbon energy systems is a crucial development direction and implementation pathway. Renewable energy is favored because of its clean characteristics, but the access may have an impact on the power grid. Microgrid technology provides an effective solution to this problem. Uncertainty exists in single microgrids, so multiple microgrids are introduced to improve system stability and robustness. Electric carbon trading and profit redistribution among multiple microgrids have been challenges. To promote energy commensurability among microgrids, expand the types of energy interactions, and improve the utilization rate of renewable energy, this paper proposes a cooperative operation optimization model of multi-microgrids based on the green certificate and carbon trading mechanism to promote local energy consumption and a low carbon economy. First, this paper introduces a carbon capture system (CCS) and power-to-gas (P2G) device in the microgrid and constructs a cogeneration operation model coupled with a power-to-gas carbon capture system. On this basis, a low-carbon operation model for multi-energy microgrids is proposed by combining the local carbon trading market, the stepped carbon trading mechanism, and the green certificate trading mechanism. Secondly, this paper establishes a cooperative game model for multiple microgrid electricity carbon trading based on the Nash negotiation theory after constructing the single microgrid model. Finally, the ADMM method and the asymmetric energy mapping contribution function are used for the solution. The case study uses a typical 24 h period as an example for the calculation. Case study analysis shows that, compared with the independent operation mode of microgrids, the total benefits of the entire system increased by 38,296.1 yuan and carbon emissions were reduced by 30,535 kg through the coordinated operation of electricity–carbon coupling. The arithmetic example verifies that the method proposed in this paper can effectively improve the economic benefits of each microgrid and reduce carbon emissions. Full article

With the support of the dual-carbon strategy and related policies, China’s offshore wind power has experienced rapid development. However, constrained by the inherent intermittency and volatility of wind power, large-scale expansion poses significant challenges to grid integration and exacerbates government fiscal burdens. To address these critical issues, this paper proposes a multi-market coupling trading model integrating energy storage-equipped offshore wind power into electricity–carbon–green certificate markets for large-scale grid networks. Firstly, a day-ahead electricity market optimization model that incorporates energy storage is established to maximize power revenue by coordinating offshore wind power generation, thermal power dispatch, and energy storage charging/discharging strategies. Subsequently, carbon market and green certificate market optimization models are developed to quantify Chinese Certified Emission Reduction (CCER) volume, carbon quotas, carbon emissions, market revenues, green certificate quantities, pricing mechanisms, and associated economic benefits. To validate the model’s effectiveness, a gradient ascent-optimized game-theoretic model and a double auction mechanism are introduced as benchmark comparisons. The simulation results demonstrate that the proposed model increases market revenues by 17.13% and 36.18%, respectively, compared to the two benchmark models. It not only improves wind power penetration and comprehensive profitability but also effectively alleviates government subsidy pressures through coordinated carbon–green certificate trading mechanisms. Full article

Over the past decade, China has vigorously supported the development of renewable energy and has initially established the electricity–carbon–certificate multi-market. As a typical market-oriented demand-side management model, studying the optimization process and cases of virtual power plants (VPPs) under the multi-market has significant importance for enhancing the operation level of VPPs, as well as promoting corresponding experiences. Based on the mechanisms and impacts of the electricity–carbon–certificate multi-market, this manuscript takes a VPP project in southern China as a case, constructs a sequential decision-making optimization model for the VPP under a diversified market, and solves it using reinforcement learning and Markov decision theory. The case analysis shows that, compared to energy supply income, although the proportion of income from certificate trading and carbon trading in the multi-market is relatively limited, participating in the electricity–carbon–certificate multi-market can significantly enhance VPPs’ willingness to accommodate the uncertainties of renewable energy and can significantly improve the economic and environmental performances of VPPs, which is of great significance for improving the energy structure and accelerating the process of low-carbon energy transformation. Full article

In the context of global climate governance and the low-carbon energy transition, virtual power plant (VPP), a key technology for integrating distributed energy resources, is urgently needed to solve the problem of decentralization and lack of synergy in electricity, carbon, and green certificate trading. Existing studies mostly focus on single energy or carbon trading scenarios and lack a multi-market coupling mechanism supported by blockchain technology, resulting in low transaction transparency and a high risk of information tampering. For this reason, this paper proposes a synergistic optimization strategy for electricity/carbon/green certificate virtual power plants based on blockchain cross-chain transactions. First, Latin Hypercubic Sampling (LHS) is used to generate new energy output and load scenarios, and the K-means clustering method with improved particle swarm optimization are combined to cut down the scenarios and improve the prediction accuracy; second, a relay chain cross-chain trading framework integrating quota system is constructed to realize organic synergy and credible data interaction among electricity, carbon, and green certificate markets; lastly, the multi-energy optimization model of the virtual power plant is designed to integrate carbon capture, Finally, a virtual power plant multi-energy optimization model is designed, integrating carbon capture, power-to-gas (P2G) and other technologies to balance the economy and low-carbon goals. The simulation results show that compared with the traditional model, the proposed strategy reduces the carbon emission intensity by 13.3% (1.43 tons/million CNY), increases the rate of new energy consumption to 98.75%, and partially offsets the cost through the carbon trading revenue, which verifies the Pareto improvement of environmental and economic benefits. This study provides theoretical support for the synergistic optimization of multi-energy markets and helps to build a low-carbon power system with a high proportion of renewable energy. Full article

As the global energy transition progresses, green electricity, which is crucial for low-carbon systems, has gained attention. However, the lack of effective market linkages hinders a full understanding of the price transmission effects across green markets. This study uses the Vector Autoregression (VAR) model and Granger causality tests to analyze the price transmission and lag effects between the carbon, green certificate, and China Certified Emission Reduction (CCER) Markets. The findings reveal complex price linkages, offering theoretical insights and policy recommendations for optimizing green electricity markets and environmental rights trading. Full article

With the rapid growth of global energy demand, the fossil fuel-dominated electric power industry has led to serious environmental problems. Tradable green certificates (TGC) and carbon emission trading (CET) have become key mechanisms for promoting sustainable development of the electricity market by serving as market-oriented policy tools. To deeply analyze the impact of TGC and CET on the sustainable development of China’s electricity market and provide a scientific basis for policymakers. This study uses system dynamics (SD) methods to construct a policy synergy analysis framework for TGC and CET. It explores the impact mechanism of dual policy incentives on the sustainable development of the electricity market. Firstly, the current application status of TGC and CET in China was reviewed. Based on the literature analysis, identify key factors that affect the sustainable development of the electricity market. Then, by deconstructing the interaction between TGC policy and CET policy, an SD model was established that includes multidimensional feedback such as policy, technology, funding, and market, and the dynamic functional relationships in the SD model were quantified. Finally, Vensim PLE software 7.3.2 was used to simulate the evolution of sustainable development in the electricity market under different policy scenarios. The research results indicate that (1) the adjustment of the TGC quota ratio can change the supply and demand mechanism to form a price leverage effect, effectively stimulate the growth of renewable energy generation capacity, and accelerate the low-carbon transformation of power enterprises; and (2) the CET market changes the cost structure of power generation through carbon price signals. When the carbon emission cap target tightens, CET prices quickly rise, leading to a significant trend of carbon reduction in the electricity market; (3) the application of policy combinations can significantly promote the sustainable development of the electricity market, but the unreasonable setting of policy parameters can trigger market risks. Therefore, policy design should focus on flexibility and implement appropriate policy combinations at different stages of electricity market development to promote green transformation while ensuring smooth market operation. This study innovatively reveals the synergistic effect of TGC and CET in the sustainable development of the electricity market from a systems theory perspective. The research results provide a scientific basis for decision-makers to formulate policy adjustment plans and have essential reference value for achieving the dual goals of energy structure transformation and electricity market stability. Full article

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. Full article

To ensure a smooth transition towards peak carbon emissions and carbon neutrality, one key strategy is to promote a low-carbon transition in the energy sector by facilitating the coordinated development of the electricity market, carbon market, and other markets. Currently, China’s national carbon market primarily focuses on the power generation industry. High-energy-consuming industries such as the steel industry not only participate in the electricity market but also play a significant role in China’s future carbon market. Despite existing research on market mechanisms, there remains a significant research gap in understanding how steel enterprises adjust their trading behaviors to optimize costs in multi-market coupling contexts. This study employs a system dynamics approach to model the trading interconnection between electricity trading (ET), carbon emission trading (CET), and tradable green certificates (TGC). Within this multi-market system, thermal power enterprises and renewable generators serve as suppliers of carbon allowances and green certificates, respectively, while steel companies must meet both carbon emission constraints and renewable energy consumption obligations. The results show that companies can reduce future market transaction costs by increasing the proportion of medium to long-term electricity contracts and the purchase ratio of green electricity. Additionally, a lower proportion of free quotas leads to increased costs in the carbon market transactions in later stages. Therefore, it is beneficial for steel companies to conduct cost analyses of their participation in multivariate market transactions in the long run and adapt to market changes in advance and formulate rational market trading strategies. Full article

To promote the low-carbon energy transition, China is implementing renewable energy (RE) development policies such as renewable portfolio standards (RPSs), carbon emissions trading (CET) and China certified emission reduction (CCER) trading. However, using China’s current CET price to accurately reflect market information is difficult, which is not conducive to guiding low-carbon investment. Additionally, as RE power enters the era of grid parity, more revenues are needed to maintain generator operations. Therefore, in this study, we construct a system dynamics model to explore whether and how market mechanisms can optimize the power generation structure, and sensitivity analyses of CCER policy parameters are carried out to identify the impact and scope for improvement. The results show that (1) the market mechanism, especially the RPS mechanism, adjusts the profits of power generators, eliciting a surge in RE generation and optimizing the power generation structure; (2) CET and CCER prices change in the opposite direction of tradable green certificates (TGCs) and show a significant improvement effect on the on-grid electricity price; (3) successful implementation of the CCER mechanism can effectively energize the CET market. A lower CCER benchmark price, higher CCER offset ratio and CET fines can accelerate the growth of CCER and CET prices. Therefore, the government should promote TGC separation from power trading and rationally design CCER policies by lowering the CCER credit ratio, increasing CET fines, and expanding CCER market capacity to ensure that the guiding role of the market mechanism is better utilized. Full article

While tradable green certificates (TGCs) and carbon emission trading (CET) play key roles in achieving peak carbon and carbon neutrality, the coupling effects between these two policies on the medium- and long-term electricity market and the spot market are still uncertain. In this study, we firstly construct a multi-scale market trading framework to sort out the information transfer of four markets. Secondly, we establish a multi-scale market system dynamics-coupled trading model with five sub-modules, including the medium- and long-term power markets, the spot market, and the carbon market. Subsequently, we adjust the policy parameters (carbon quota benchmark price, carbon quota auction ratio, and renewable energy quota ratio) and set up five policy scenarios to compare and analyze the impacts of the CET and TGC mechanisms on the power market and carbon emission reduction when they act alone or in synergy, in order to provide a theoretical basis for the adjustment of strategies of market entities and the setting of parameters. The results show that CET can increase spot electricity prices and promote renewable energy to enter the spot market, while TGCs can promote a high proportion of renewable energy consumption but lower spot electricity prices for a long time. The coordinated implementation of the CET and TGC mechanisms can improve the power market’s adaptability to high renewable energy penetration, but it may also result in policy redundancy. Full article

This study examines the decision-making optimization of Power-Generation Enterprises (PGEs) in the green certificate market, with a focus on balancing bidding strategies and carbon-reduction targets. Given the increasing complexity of the green certificate market, the research employs Bayesian games, evolutionary games, and Stackelberg games to systematically analyze the strategic behavior of PGEs and their interactions within the market framework. The findings demonstrate that game theory facilitates cost structure optimization and enhances adaptability to market dynamics under policy-driven incentives and penalties. Additionally, the study explores the integration of stochastic modeling and machine learning techniques to address market uncertainties. These results provide theoretical support for policymakers in designing efficient green electricity market regulations and offer strategic insights for PGEs aligning with carbon neutrality objectives. This work bridges theoretical modeling and practical application, contributing to the advancement of sustainable energy policies and the development of green electricity markets. Full article

In the context of China’s electricity market reform, green certificate trading and carbon trading, as important policy tools to promote the development of renewable energy and energy conservation and emission reduction in the power industry, will inevitably be coupled with the electricity market. In order to study whether the coupled market can successfully achieve the goals of power supply structure adjustment and carbon emission reduction, this paper establishes a system dynamics (SD) model, analyzes the correlation and coordination mechanism among the green certificate market (TGC), carbon market (ET) and electricity market, including generation right trading, and simulates the changes of market price and power supply structure. The results show that (1) the power price under the coupling of three markets includes the TGC price and the ET price, so it is influenced by the ratio of renewable portfolio standards (RPS) and carbon reduction policy; (2) the combination of the TGC mechanism and the ET mechanism will be conducive to the optimization of long-term market power supply structure, so as to promote the realization of emission reduction targets; and (3) power generation rights trading, as a carbon reduction policy, will reduce the power generation of fossil energy in the short-term market, but in the long run, it will lead to the loss of momentum for the development of renewable energy. Therefore, regulators need to reasonably adjust different policies in order to give full play to the comprehensive regulatory role and help the energy and power industry and the low-carbon transformation of society. Full article

With the advancement and development of the electricity market (EM), carbon emission market (CEM), and renewable energy certificate market (RECM), promoting the integration and growth of the EM alongside carbon emission trading, renewable energy certificate trading, and other related markets is becoming increasingly important for high-quality development of the power industry. Analyzing the intrinsic connections among these three types of markets can facilitate their coordinated development. In this study, we selected monthly data on European Union (EU) carbon emission futures, French electricity trading prices, and the price of Guarantees of Origin (GO) in France from March 2019 to March 2024 and utilized the Bayesian time-varying stochastic volatility vector autoregression model (TVP-SV-VAR) with time-varying parameters to effectively capture the dynamic changes among the three markets and to analyze the relationships and characteristics of the EM, CEM, and RECM across different historical contexts. Simulation results showed that the influences of the EM and CEM on the RECM were relatively low, with more pronounced short-term effects and relatively stable medium- and long-term effects. In contrast, the influences of the CEM and RECM on the EM were significant, with more pronounced short-term effects and stable medium- and long-term effects. The influences of the EM and RECM on the CEM were significant in the short term. Full article

To fully leverage the potential flexibility resources of a source-network-load-storage (SNLS) system and achieve the green transformation of multi-source systems, this paper proposes an economic and low-carbon operation strategy for an SNLS system, considering the joint operation of ladder-type green certificate trading (GCT)–carbon emission trading (CET), and integrated demand response (IDR). Firstly, focusing on the load side of electricity–heat–cooling–gas multi-source coupling, this paper comprehensively considers three types of flexible loads: transferable, replaceable, and reducible. An IDR model is established to tap into the load-side scheduling potential. Secondly, improvements are made to the market mechanisms: as a result of the division into tiered intervals and introduction of reward–penalty coefficients, the traditional GCT mechanism was improved to a more constraining and flexible ladder-type GCT mechanism. Moreover, the carbon offset mechanism behind green certificates serves as a bridge, leading to a GCT-CET joint operation mechanism. Finally, an economic low-carbon operation model is formulated with the objective of minimizing the comprehensive cost consisting of GCT cost, CET cost, energy procurement cost, IDR cost, and system operation cost. Simulation results indicate that by effectively integrating market mechanisms and IDR, the system can enhance its capacity for renewable energy penetration, reduce carbon emissions, and achieve green and sustainable development. Full article