Review and Prospect of Coupled Electricity-Carbon-Renewable Portfolios Trading

doi:10.12204/j.issn.1000-7229.2023.12.001

Abstract

Abstract:

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.”

Key words: carbon emission market, renewable portfolio standard, electricity market, coupled trading mechanism

CLC Number:

TM73

JIANG Yuewen, CHEN Wei. Review and Prospect of Coupled Electricity-Carbon-Renewable Portfolios Trading[J]. ELECTRIC POWER CONSTRUCTION, 2023, 44(12): 1-13.

Figures/Tables 6

Fig.1 Electricity-carbon-renewable portfolio trading framework

Fig.2 Coupling mechanism of electricity-carbon market

Fig.3 Coupling mechanism of electricity-green certificate market

Fig.4 Coupling mechanism of eletricity-carbon-green certificate market

Fig.5 Multi-market coupled trading mechanism

Fig.6 Carbon quota compliance assessment flow chart

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