Electricity Markets and Green Finance·Hosted by GAN Lei, GUO Hongye, Filippo Bovera, HUA Haochen·
LI Yingqiu, SHI Shouyuan, WU Yufeng, YU Tao, WANG Ziyao, ZHENG Huanxin
[Objective] As electricity market reforms deepen, traditional thermal power generators face challenges regarding price volatility and the need for coordinated decision making across electricity, carbon emission, and fuel markets. To address these issues, this paper accounts for the price stochasticity and the transaction settlement mechanisms of electricity-carbon-fuel markets to construct a cross-market decision-making model for coal-fired power generators operating under diversified asynchronous behavioral cycles. [Methods] The model incorporates the diversity of market trading decision-making cycles, fuel supply cycles, and fund settlement cycles, and characterizes the dynamic balancing processes of coal inventory and cash flow, focusing on the asynchronous transformation among decision flow, material flow, and cash flow resulting from cycle diversity. A multi-time-scale hierarchical progressive decision-solving framework was developed, employing stochastic programming methods to integrate various random factors and risk measures, thereby facilitating the dynamic coordination of diverse resources for power generators in multi-market environments. [Results] Case study results show that the proposed method improves economic benefits by 5.10% compared to traditional decision-making methods, and effectively mitigates operational risks by preventing inventory shortages and capital chain disruptions that may arise when the asynchronous nature of fuel supply and settlement cycles is overlooked. [Conclusions] The proposed method effectively improves economic benefits and enhances multi-market participation flexibility and risk management capability through the systematic modeling of power generators’ asynchronous behavioral cycles. This research provides a scientific reference for power enterprises’ safe and economic operation in complex market environments.