绿色电力证书（绿证）和碳市场机制作为我国推动绿色低碳发展的重要市场化手段，在提高全社会绿色低碳消费水平、构筑绿色发展责任体系方面取得了积极成效。总结了国际上典型的绿证交易机制和代表性国际绿证发展概况以及欧盟碳市场、美国碳市场等典型国际碳交易市场的建设情况和运行模式，梳理了国内绿证和碳市场的政策发展体系、交易模式和运行现状。结合助力推动实现“双碳”目标，分别从供给侧和需求侧论证了我国绿证和碳交易机制衔接的必要性。在此基础上，立足我国碳市场强制和自愿市场并存的特点，分别从绿证和强制减排市场衔接、绿证和自愿减排市场衔接两个方面，对我国绿证与碳交易市场衔接提出了几种具体路径，并详细分析了每种路径可能面临的挑战。最后，综合考虑国际经验和国内市场主体认知情况以及绿证和碳交易衔接的可能路径，提出了具体操作层面上的政策建议。

Green electricity certificates （GECs） and carbon market are the key points to promote green and low-carbon development in China. China has achieved positive results in improving nationwide green and low-carbon consumptions and construction of a green development responsibility system. Typical international green certificate trading mechanisms and development courses， as well as construction and operation modes of overseas carbon trading markets in EU，US，etc.， are summarized. And the policy system， trading mode and operation mode of domestic green certificate and carbon market are also described. The necessity of China's green certificate and carbon trading mechanisms to the "double carbon" target is demonstrated from the supply side and the demand side. Based on the fact of the coexistence of mandatory and voluntary carbon markets in China， detailed connection plans for GECs and the mandatory carbon market and GECs and voluntary carbon market are proposed， respectively. And the challenges of the plans are analysed. Finally， considering the experience and the cognition on international and domestic carbon market entities， as well as the possible connecting plans for GECs and carbon markets， a specific policy that is feasible at the operational level is given.

近年来，面对全球气候问题及传统化石能源匮乏带来的挑战，各国陆续提出节能减排和鼓励可再生能源发展的战略目标。碳市场、可再生能源配额制是实现碳减排和促进可再生能源消纳的重要市场手段。作为CO2排放主要责任主体，电力系统低碳绿色转型是助力“碳达峰、碳中和”目标的关键环节，电-碳-配额制耦合将有利于更大程度上促进CO2减排与可再生能源消纳。首先，分析了电力市场与碳市场、电力市场与可再生能源配额制之间的交互机理；其次，从交易机制设计、交易优化、市场交易技术等角度归纳电-碳-配额制耦合交易的研究现状；再次，阐述了碳市场及配额制的国内外实施现状与机制，反映各国减排政策环境；最后，梳理了当前国内电-碳-配额制耦合机制建设面临的挑战和堵点，对电力市场、碳市场与配额制协同发展提出展望，以期为我国耦合交易机制建设提供参考，助力“双碳”目标的实现。

Recently, in the face of global climate problems and challenges posed by the scarcity of conventional fossil energy sources, governments have successively proposed strategic goals for energy conservation, emission reduction, and support for renewable energy development. The carbon emissions market and renewable portfolio standards are important market tools for reducing carbon emissions and promoting renewable energy consumption. As the main responsible body of CO2 emission, the low-carbon green transformation of power system is the key link to help the “carbon peak, carbon neutral” target, and the coupling of electricity-carbon-renewable portfolio standard will help to promote CO2 emission reduction and renewable energy consumption to a greater extent. First, it analyzes the interaction mechanism between the electricity and carbon markets and the electricity and renewable portfolio standards. Second, it summarizes the current research status of coupled electricity-carbon-renewable portfolio trading from the perspectives of trading mechanism design, trading optimization, and market trading technology. Furthermore, this study describes the current status and mechanisms of the domestic and international implementation of carbon markets and renewable portfolio standards to reflect the policy environment for emissions reduction in different countries. Finally, the challenges and limitations faced by the construction of Chinas electricity-carbon-renewable portfolio-coupling mechanism are sorted out. In addition, the prospect of the synergistic development of the electricity market, carbon market, and renewable portfolio standards is proposed to provide a reference for constructing Chinas coupling trading mechanism and help achieve the goal of “carbon peak and carbon neutrality.”

目的 随着我国光伏产业的不断发展，光伏产业逐渐从高度依赖政府政策补贴向平价上网方向发展，对光伏电站的经济效益提出了更高的要求。因此，对光伏电站的投资决策和经济评价进行了全面细致的研究。 方法 从场址太阳能资源分析、太阳能电池组件选择、逆变器选择等多个方面对某4.45 MW分布式光伏电站项目进行投资决策指导。通过计算项目建设投资和收入，对该项目进行经济性分析，研究了建设投资、经营成本、发电电价及发电产量对分布式光伏电站项目经济性的影响。 结果 通过经济性分析，得出该系统的项目投资财务内部收益率(税后)为7.43%，项目投资回收期(税后)为11.39 a，资本金财务内部收益率为11.43%，资本金投资回收期为10.38 a。 结论 该项目具有良好的经济效益，项目经济性对电价变化最为敏感，且该项目具有较强的抗风险能力。研究结果可为光伏工程的研究和应用提供理论参考和工程指导。

Objectives With the continuous advancement of China’s photovoltaic (PV) industry, the industry is transitioning from being heavily reliant on government policy subsidies to achieving grid parity, which places higher demands on the economic benefits of PV power stations. Consequently, a more comprehensive and detailed study on the investment decision and economic evaluation of photovoltaic power stations is conducted. Methods Investment decision guidance for a 4.45 MW distributed PV power station project is provided from multiple aspects, including site solar resource analysis, solar module selection, and inverter selection. By calculating the construction investment and revenue, economic analysis of the project is conducted, and the effects of construction investment, operating costs, power generation price, and power generation output on the project’s economics are studied. Results The economic analysis reveals that the project achieves an after-tax financial internal rate of return (FIRR) of 7.43%, with an after-tax investment payback period of 11.39a. For equity capital, the FIRR is 11.43%, and the payback period is 10.38a. Conclusions The project offers favorable economic benefits and the project economics is most sensitive to changes in electricity prices. Furthermore, the project demonstrates strong resilience to risks. The research results can provide theoretical reference and engineering guidance for the research and application of PV projects.

针对当前国内光热电站(concentrating solar power,CSP)参与电力市场交易程度低,市场相关运营研究尚属空白。文章考虑光热发电商作为市场承载主体,面向电力现货市场交易,在解析其内部“光、热、电”能流特征基础上,构建了以热能为能量中枢的光热电站运行模型;然后,以光热发电商售电收益最大为目标,建立了基于多寡头古诺模型的市场交易决策模型,并给出了其非线性互补方法求解过程;最后,以国内某实际光热电站为参考,在3类典型日场景中对其参与电力市场交易进行了实例模拟。结果表明:因其优良的出力稳定特性,光热发电较传统光伏发电,市场竞争能力有显著提升,很大程度上可以弥补其在容量成本上的不足;光热发电的富余热量,能更好地满足电热耦合系统的需求,替代热电联产环节,降低了运行成本,满足了未来综合能源系统发展需求。

In view of the low degree of participation in electricity market transactions of concentrating solar power (CSP) in China, market-related operation research is still blank. This paper considers CSP as the main body of the market and is aimed at the electricity spot market transaction. According to the analysis of its internal“light, heat, and electricity”energy flow characteristics, an operation model of a CSP station with thermal energy as the energy center is constructed. Then, with the goal of maximizing the electricity sales revenue of CSP, a market transaction decision model based on the multi-oligarch Cournot model is constructed, and the solution process of its nonlinear complementary method is given. Finally, taking an actual CSP station as a reference, in three typical daily scenarios, an example simulation of CSP participating in electricity market transactions is carried out. The results show that: due to its excellent stable output, compared with traditional PV, CSP has a significant improvement in market competitiveness, which can largely make up for its lack of capacity cost. The surplus heat of CSP can better satisfy the demand for electro-thermal coupling system, replace cogeneration links, reduce operating costs, and meet the development needs of the integrated energy system in the future.