| The growing threat of global warming has drawn the attention of the international community to the emerging market economies.In the context of sustainable development,in order to change the environmental status quo and control pollutant emissions,countries have successively adopted carbon reduction behaviors to reduce carbon emission intensity and develop a sustainable low-carbon economy.China,as an important force in international climate governance,has also actively taken a series of measures to cope with climate change and socio-economic transformation,and has introduced a series of policies to reduce carbon emissions and support the development of renewable energy,such as power generation rights trading,carbon emissions trading and green power certificate trading,in order to better achieve sustainable development.As the largest source of carbon emissions in China,the power industry is also a major player in the power generation rights trading market,carbon emission rights trading market,and green power certificate trading market.By studying the impact of market-based carbon emission reduction policies on the power market and the market trading behavior of power generation enterprises in the policy context,it is of great significance for enterprises to achieve their own sustainable development and to promote carbon emission reduction in China’s power industry.Therefore,this paper first investigates the policy connotation and operation mechanism of green power certificate trading,carbon emission trading,and power generation trading,and compares the development status of the above market policies in China.On this basis,the influence relationship between the power generation rights trading market,carbon emission rights trading market and green power certificate trading market on the electricity market is analyzed through a system dynamics model,and the influence of a single market-based policy and a combination of multiple policies on factors such as power generation and profit of traditional energy generating enterprises and renewable energy generating enterprises is compared and analyzed.Secondly,the profit functions of traditional energy generating enterprises and renewable energy generating enterprises are analyzed by constructing the structure diagram of traditional energy generating enterprises and renewable energy generating enterprises participating in multiple markets,clarifying the supply and demand relationship of each subject in each market,and constructing the cooperative game and non-cooperative game with the objectives of maximizing the enterprises’ own profit and maximizing the profit of regional alliances,respectively.The optimal trading strategies of traditional energy generators and renewable energy generators in two cases are constructed,and the profit allocation model based on the carbon emission coefficient and green power trading volume of generators is proposed in the cooperative game model.Finally,the calculation results are used to analyze the changes of power generation and profits of various power generation enterprises under the two game situations,and the carbon emission reduction and renewable energy consumption under the changes of policy parameters are analyzed and explained,so as to provide a basis for power generation enterprises to participate in power market trading under various policy backgrounds.According to the results of the study,electricity prices are jointly influenced by the price of carbon emissions trading and the price of green power certificate trading;compared with the non-cooperative game,the cooperative game is not conducive to the reduction of carbon emissions and the consumption of renewable energy,although it can improve the overall profits of traditional energy generators and renewable energy generators.In terms of single policy impact,active participation in power generation rights trading is more beneficial to the profit of power generators than non-participation in power generation rights trading. |
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