Evolutionary game-based optimization of green certificate-carbon emission right-electricity joint market for thermal-wind-photovoltaic power system

With the increasing proportion of renewable energy in the power market,the demands on government financial subsidies are gradually increasing.Thus,a joint green certificate-carbon emission right-electricity multi-market trading process is proposed to study the market-based strategy for renewable energy.Considering the commodity characteristics of green certificates and carbon emission rights,the dynamic cost models of green certificates and carbon rights are constructed based on the Rubinstein game and ladder pricing models.Furthermore,considering the irrational bidding behavior of energy suppliers in the actual electricity market,an evolutionary game based multi-market bidding optimization model is presented.Subsequently,it is solved using a composite differential evolutionary algorithm.Finally,the case study results reveal that the proposed model can increase profits and the consumption rate of renewable energy and reduce carbon emission.

A cooperative model of photovoltaic and electricity-to-hydrogen including green certificate trading under the conditional value at risk

Cooperation in energy systems is no longer limited to the distribution of electricity,and more attention is paid to the trading of green certificates(GCs).This paper proposed a cooperative method for photovoltaic(PV)and electric-to-hydrogen(EH)trading,including GC trading under risk management.First,a novel PV and EH model is established and the cooperation mechanism is analyzed.Meanwhile,PV and EH models were risk-controlled using the conditional value at risk to reduce the impact of the uncertainty of PV electricity and EH loads.Then,the PV-EH cooperative model was established based on cooperative game theory;this was then divided into two subproblems of“cooperative benefit maximization”and“transaction payment negotiation,”and the above two subproblems were solved distributively by alternating direction multiplier method(ADMM).Only energy transactions and price negotiations were conducted between the PV and EH,which can protect the privacy and confidentiality of each entity.Finally,the effectiveness of the cooperation model was verified using a practical engineering case.The simulation results show that the cooperation of the PV-EH can significantly improve the operational efficiency of each entity and the overall efficiency of the cooperation and realize the efficient redistribution of electricity and GC.

Effects of herding behavior of tradable green certificate market players on market efficiency:insights from heterogeneous agent model

Tradable green certificate(TGC)scheme promotes the development of renewable energy industry which currently has a dual effect on economy and environment.TGC market efficiency is reflected in stimulating renewable energy investment,but may be reduced by the herding behavior of market players.This paper proposes and simulates an artificial TGC market model which contains heterogeneous agents,communication structure,and regulatory rules to explore the characteristics of herding behavior and its effects on market efficiency.The results show that the evolution of herding behavior reduces information asymmetry and improves market efficiency,especially when the borrowing is allowed.In addition,the fundamental strategy is diffused by herding evolution,but TGC market efficiency may be remarkably reduced by herding with borrowing mechanism.Moreover,the herding behavior may evolve to an equilibrium where the revenue of market players is comparable,thus the fairness in TGC market is improved.

Does Green Food Certification promote agri-food export quality?Evidence from China

The construction of a food certification system plays a vital role in upgrading export quality, which previous studies have largely overlooked. We match China's industry-level data of Green Food Certification with its HS6-digit export data of agri-food products to quantify the impact of Green Food Certification on export quality. We identify the significant and positive effect of Green Food Certification on export quality. The 2SLS estimation based on instrumental variables and a range of robustness checks confirm the validity and robustness of the benchmark conclusions. Further analysis discloses that Green Food Certification improves export quality by raising agricultural production efficiency and brand premiums. Heterogeneity analysis shows that the effect of Green Food Certification varies across regions, notably improving the quality of agri-food products exported to developed regions and regions with high levels of import supervision. Furthermore, among various product types, Green Food Certification significantly improves the export quality of primary products and products vulnerable to non-tariff measures. The above findings could guide the future development of agri-food quality certification systems, potentially leading to a transformation and promotion of the agri-food trade.

How will tradable green certificates affect electricity trading markets under renewable portfolio standards?A China perspective

Renewable portfolio standards(RPS)are important guarantees to promote renewable energy(RE)consumption.The tradable green certificate(TGC)trading mechanism is a supporting mechanism of RPS,but the rate of TGC trading is low and there is a double-metering problem of RE consumption.With the introduction of new policies in China,we innovatively take the electricity-selling side as the subject of RE consumption responsibility and biomass-based electricity-generation(BEG)projects are considered to participate in TGC trading.To explore the interaction between the TGC market and the electricity market,this paper sets up a day-ahead spot market-trading structure combining both markets under RPS and establishes a market equilibrium model.The established model is solved and validated based on the particle swarm optimization algorithm and the profits of each market player under different influencing factors are analysed.The main conclusions are as follows.(i)The established market structure and model effectively solve the double-metering problem of RE consumption,making the TGC turnover rate reach 82.97%,greatly improving the market efficiency.(ii)Increased demand for TGC will increase demand for RE electricity.The participation of BEG projects in the TGC market can effectively improve the profit of biomass-based electricity producers(BEPs),reduce the burden of government financial subsidies and will not affect the consumption of wind-based electricity and photovoltaic-based electricity.This will help promote the rapid development of China’s RE,especially the BEG industry.(iii)Among the influencing factors,the increase in renewable-energy consumption responsibility weight and the decrease in electricity-generation cost can increase the profit of BEPs.The decline in TGC price and subsidy price will reduce the profit of BEPs.Finally,we put forward policy recommendations for China’s RPS and TGC trading mechanism.This study can provide a reference for the construction of China’s TGC market and electricity market and the development of RE.

A collaborative approach to integrated energy systems that consider direct trading of multiple energy derivatives

The cooperative model of a multi-subject Regional Integrated Energy System(RIES)is no longer limited to the trading of traditional energy,but the trading of new energy derivatives such as Green Certificates(GC),Service Power(SP),and CO_(2) will be more involved in the energy allocation of the cooperative model.This study was conducted for the multi-entity RIES cooperative model considering the trading of electronics,GC,SP,and CO_(2).First,a cooperative framework including wind-photovoltaic generation system(WG),combined heat and power system(CHP),and power-carbon-hydrogen load(PCH)is proposed,and the mechanism of energy derivatives trading is also analyzed.Then,the sub-models of each agent in the cooperative model are established separately so that WG has the capability of GC generation,CHP has the capability of GC and CO_(2) absorption,and PCH can realize the effective utilization of CO_(2).Then,the WG–CHP–PCH cooperative model is established and equated into two sub-problems of cooperative benefit maximization and transaction payment negotiation,which are solved in a distributed manner by the alternating directed multiplier method(ADMM).Finally,the effectiveness of the proposed cooperative model and distributed solution is verified by simulation.The simulation results show that the WG–CHP–PCH cooperative model can substantially improve the operational efficiency of each agent and realize the efficient redistribution of energy and its derivatives.In addition,the dynamic parameter adjustment algorithm(DP)is further applied in the solving process to improve its convergence speed.By updating the step size during each iteration,the computational cost,the number of iterations,and the apparent oscillations are reduced,and the convergence performance of the algorithm is improved.

Economic Factors in the Use of Renewable Energy Sources in Kazakhstan

The purpose of this research was to study economic incentives to use renewable energy sources in the Republic of Kazakhstan and to give suggestions for production and circulation of the ＂green＂ certificates as a new financial instrument. The author analyzed European Union and Kazakhstani experience of economic incentives to reduce emissions and introduction of renewable energy sources. As a result of conducted research, the proposal to produce and circulate new financial instruments in Kazakhstan is made; as well as economic and environmental factors of renewable energy sources in the Republic of Kazakhstan are defined.