Optimal Operation Strategy of Electricity-Hydrogen Regional Energy System under Carbon-Electricity Market Trading

Given the“double carbon”objective and the drive toward low-carbon power,investigating the integration and interaction within the carbon-electricity market can enhance renewable energy utilization and facilitate energy conservation and emission reduction endeavors.However,further research is necessary to explore operational optimization methods for establishing a regional energy system using Power-to-Hydrogen(P2H)technology,focusing on participating in combined carbon-electricity market transactions.This study introduces an innovative Electro-Hydrogen Regional Energy System(EHRES)in this context.This system integrates renewable energy sources,a P2H system,cogeneration units,and energy storage devices.The core purpose of this integration is to optimize renewable energy utilization and minimize carbon emissions.This study aims to formulate an optimal operational strategy for EHRES,enabling its dynamic engagement in carbon-electricity market transactions.The initial phase entails establishing the technological framework of the electricity-hydrogen coupling system integrated with P2H.Subsequently,an analysis is conducted to examine the operational mode of EHRES as it participates in carbon-electricity market transactions.Additionally,the system scheduling model includes a stepped carbon trading price mechanism,considering the combined heat and power generation characteristics of the Hydrogen Fuel Cell(HFC).This facilitates the establishment of an optimal operational model for EHRES,aiming to minimize the overall operating cost.The simulation example illustrates that the coordinated operation of EHRES in carbon-electricity market transactions holds the potential to improve renewable energy utilization and reduce the overall system cost.This result carries significant implications for attaining advantages in both low-carbon and economic aspects.

Trading in Fast-ChangingMarkets withMeta-Reinforcement Learning

How to find an effective trading policy is still an open question mainly due to the nonlinear and non-stationary dynamics in a financial market.Deep reinforcement learning,which has recently been used to develop trading strategies by automatically extracting complex features from a large amount of data,is struggling to deal with fastchanging markets due to sample inefficiency.This paper applies the meta-reinforcement learning method to tackle the trading challenges faced by conventional reinforcement learning(RL)approaches in non-stationary markets for the first time.In our work,the history trading data is divided into multiple task data and for each of these data themarket condition is relatively stationary.Then amodel agnosticmeta-learning(MAML)-based tradingmethod involving a meta-learner and a normal learner is proposed.A trading policy is learned by the meta-learner across multiple task data,which is then fine-tuned by the normal learner through a small amount of data from a new market task before trading in it.To improve the adaptability of the MAML-based method,an ordered multiplestep updating mechanism is also proposed to explore the changing dynamic within a task market.The simulation results demonstrate that the proposed MAML-based trading methods can increase the annualized return rate by approximately 180%,200%,and 160%,increase the Sharpe ratio by 180%,90%,and 170%,and decrease the maximum drawdown by 30%,20%,and 40%,compared to the traditional RL approach in three stock index future markets,respectively.

Multi-Blockchain Based Data Trading Markets With Novel Pricing Mechanisms

In the era of big data,there is an urgent need to establish data trading markets for effectively releasing the tremendous value of the drastically explosive data.Data security and data pricing,however,are still widely regarded as major challenges in this respect,which motivate this research on the novel multi-blockchain based framework for data trading markets and their associated pricing mechanisms.In this context,data recording and trading are conducted separately within two separate blockchains:the data blockchain(DChain) and the value blockchain(VChain).This enables the establishment of two-layer data trading markets to manage initial data trading in the primary market and subsequent data resales in the secondary market.Moreover,pricing mechanisms are then proposed to protect these markets against strategic trading behaviors and balance the payoffs of both suppliers and users.Specifically,in regular data trading on VChain-S2D,two auction models are employed according to the demand scale,for dealing with users’ strategic bidding.The incentive-compatible Vickrey-Clarke-Groves(VCG)model is deployed to the low-demand trading scenario,while the nearly incentive-compatible monopolistic price(MP) model is utilized for the high-demand trading scenario.With temporary data trading on VChain-D2S,a reverse auction mechanism namely two-stage obscure selection(TSOS) is designed to regulate both suppliers’ quoting and users’ valuation strategies.Furthermore,experiments are carried out to demonstrate the strength of this research in enhancing data security and trading efficiency.

Probability of informed trading during the COVID‑19 pandemic:the case of the Romanian stock market

Using data from the Bucharest Stock Exchange,we examine the factors influencing the probability of informed trading(PIN)during February—October 2020,a COVID-19 pandemic period.Based on an unconditional quantile regression approach,we show that PIN exhibit asymmetric dependency with liquidity and trading costs.Furthermore,building a customized database that contains all insider transactions on the Bucharest Stock Exchange,we reveal that these types of orders monotonically increase the infor-mation asymmetry from the 50th to the 90th quantile throughout the PIN distribution.Finally,we bring strong empirical evidence associating the level of information asym-metry to the level of fake news related to the COVID-19 pandemic.This novel result suggests that during episodes when the level of PIN is medium to high(between 15 and 50%),any COVID-19 related news classified as misinformation released during the lockdown period,is discouraging informed traders to place buy or sell orders condi-tioned by their private information.

Impact of correlated private signals on continuous-time insider trading

A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.

Recognition and analysis of potential risks in China's carbon emission trading markets

China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and analyzes the potential risks in the European Union Emission Trading Scheme,California’s cap-and-trade system,and the seven regional carbon trading pilots in China.It mainly recognizes market operation risks,risks of uncertain policy expectation,and risks of uncertain mechanism designs existing in China's carbon trading pilots.The carbon market risks are not good for the formation of rational price signals,making it difficult to guide enterprises on how to make low-carbon technology in-vestments.Such risks also affect the effectiveness and functions of carbon markets,which can lead to the non-achievement of national emission reduction goals.China has launched the national carbon emission trading scheme on December 19,2017.While building the national carbon trading scheme,it is important to fully refer to the experiences of international carbon markets and China's carbon trading pilots apart from strengthening the recognition,control,and supervision of carbon market risks.Doing so can promote the healthy development of China's na-tional carbon trading scheme.

Factors affecting the pilot trading market of carbon emissions in China

Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emission trading market in China is a big question. More attention is paid to how China promotes the carbon emission trading schemes in the whole country. This paper addresses concerns about the functioning of carbon emission trading schemes in seven pilot regions and takes the weekly data from November 25, 2013, to March 19, 2017. We employ a vector autoregressive model to study how coal price, oil price and stock index have affected the carbon price in China. The results indicate that carbon price is mainly affected by its own historical price; coal price and stock index have negative effects on carbon price, while oil price has a negative effect on carbon price during the first 3 weeks and then has a positive effect on carbon price. More regulatory attention and economic measures are needed to improve market efficiency, and the mechanisms of carbon emission trading schemes should be improved.

Will high-frequency trading practices transform the financial markets in the Asia Pacific Region?

High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds.HFT practices exist because a variety of new technologies have made them possible,and because financial market infrastructure capabilities have also been changing so rapidly.The U.S.markets,such as the National Association for Securities Dealers Automated Quote(NASDAQ)market and the New York Stock Exchange(NYSE),have maintained relevance and centrality in financial intermediation in financial markets settings that have changed so much in the past 20 years that they are hardly recognizable.In this article,we explore the technological,institutional and market developments in leading financial markets around the world that have embraced HFT trading.From these examples,we will distill a number of common characteristics that seem to be in operation,and then assess the extent to which HFT practices have begun to be observed in Asian regional financial markets,and what will be their likely impacts.We also discuss a number of theoretical and empirical research directions of interest.

A low-carbon economic dispatch model for electricity market with wind power based on improved ant-lion optimisation algorithm

Introducing carbon trading into electricity market can convert carbon dioxide into schedulable resources with economic value.However,the randomness of wind power generation puts forward higher requirements for electricity market transactions.Therefore,the carbon trading market is introduced into the wind power market,and a new form of low-carbon economic dispatch model is developed.First,the economic dispatch goal of wind power is be considered.It is projected to save money and reduce the cost of power generation for the system.The model includes risk operating costs to account for the impact of wind power output variability on the system,as well as wind farm negative efficiency operating costs to account for the loss caused by wind abandonment.The model also employs carbon trading market metrics to achieve the goal of lowering system carbon emissions,and analyze the impact of different carbon trading prices on the system.A low-carbon economic dispatch model for the wind power market is implemented based on the following two goals.Finally,the solution is optimised using the Ant-lion optimisation method,which combines Levi's flight mechanism and golden sine.The proposed model and algorithm's rationality is proven through the use of cases.

Carbon trading thickness and market efficiency in a socialist market economy

Unlike the European Union emission trade system(EU ETS), China s pilot ETSs implemented diversified policy designs instead of using a uniform framework. Variance ratio test is used to evaluate the Efficient Market Hypothesis(EMH) in China's carbon trading markets. The results of two versions of variance ratio tests indicate that the carbon trading market in Hubei is considered weak form efficient, and the socialist market economy does not necessarily lead to market inefficiency in carbon trading markets. Thin trading activities generate market frictions and bias the Efficient Market Hypothesis(EMH) tests.

Blockchain-based Distributed Power Market Trading Mechanism

Distributed power market trading has the characteristics of large number of participants,scattered locations,small single trading scale,and point-to-point trading.The traditional centralized power trading model has the problems of large load,low efficiency,high cost,reliance on third parties and unreliable data.With the characteristics of decentralization and nontampering,blockchain can establish a point-to-point trusted trading environment and provide effective solutions to the above problems.Therefore,this paper proposed a distributed power market trading framework based on blockchain.In this framework,the distributed power supply characteristics and trading needs of each participant are analyzed,a complete distributed trading process based on blockchain is designed.In addition,we have studied the key technologies of distributed power market trading.With the goal of power service reputation and maximum revenue of distributed power providers,we have established a matching degree model,a distributed power market trading optimization model,and designed a smart contract-based power market trading optimization strategy and power trading settlement strategy.Finally,we designed experiments to verify the performance of the proposed framework.

Profitability of technical trading strategies under market manipulation

Most technical trading strategies use the official closing price for analysis.But what is the effect when the official closing price is subject to market manipulation?This paper answers this question by testing the difference of profitabilities between using the official closing price and the last tick price.The results show a significant improvement of profitability by using the last tick price over the official closing price based on a data set in Hong Kong from 2011 to 2018.

For CO<SUB>2</SUB>Emission Trading in China, Can the Market Become a National One, Four Years after Creating Seven Local Markets?

In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amounts of CO2 emissions rights, regulating the market and trading them at a reasonable price. The emission trading system is developing slowly in most of the participating provinces and cities. Prices tend to decline, while volumes trading slowly increase. The volatility is partially the result of regulation (the rights need to be renewed before a certain date) and partially due to government interventions in the market. Based on the assessment, recommendations are provided for China implementing a national carbon market, based on the experiences and lessons learnt from the seven local carbon emission trading schemes. Conditions for China to roll out the system and later improve the national emission trading scheme to replace the existing local emission trading schemes are formulated.

Research on Standardization of Zhejiang Plastics City Online Trade Market

Since the establishment of the online trading market for Zhejiang Plastics City in Yuyao, by using leading infor- mation technology we consolidate the business, logistics, information, and capital with purchasing, transportation, warehousing, forwarding, and distribution into an integrated online trading system in terms of standardization of each process. It leads to effective utilization of various resources on this online market and forms an end-to-end supply chain. This online market is getting more and more attention in the business community around the world.

Carbon Trading Market Opens to Great Success

On July 16,the national carbon trading market was opened in the Shanghai Environment and Energy Exchange.The first trading day closed with a trading volume of 4.1 million mt and a trading value of RMB 210 million.Guosen Securities estimates that the total trading value of the national carbon trading market will reach RMB 10 billion within the first year.As the market keeps improving and the scale of coverage enlarges,the trading will become more vigorous.The total carbon trading value will reach more than RMB 100 billion in 2030.With the opening of the national carbon trading market,China has become the world’s largest carbon trading market.Mei Dewen,general manager of China Green Trading Institute and secretary-general of the Beijing Green Finance Association,said that the launch of the carbon trading market will develop China’s carbon market into an efficient,liquid and stable market.This market is also inclusive,flexible and will achieve carbon neutralization targets with low costs and high efficiency.

Technical System Construction in the Market Trading System for Demand Response Based on the Energy Internet

With the explosive growth of variable renewable energy,the balance between the supply and demand of the power grid is faced with new challenges.Based on the development experience from typical countries and the state quo in China,this paper further analyzes the system architecture and development trend of demand response under the background of Energy Internet.Five dimensions are considered:Energy Internet platform,demand response application scenarios,system architecture,information technology system construction,and demand response development trend.The results show that the application of the Energy Internet platform can effectively solve the problems of data acquisition and processing,“terminal-edge-network-cloud”cooperation of demand response,etc.The system architecture of the demand response platform that supports user resource management,user information access,control instruction receiving,control strategy issuing,and response process monitoring is proposed in this paper.It is also helpful to provide a feasible technical choice for expanding the application services of Energy Internet towards government and society.

The Research about the Trans-provincial Centralized Bidding Trading Market of East China Power Grid --II:Model Analysis

In this paper a novel cost function based on the relationship between operation cost of unit and generation load rate is employed in an agent-based model of Trans-provincial Centralized Bidding Trading Market of East China Grid. Simulation results are compared to real data to prove that the model is correct. Further analysis on simulation results point out the way to achieve an all-win game for power market members: generation companies improve their average load rates of the units by selling their electricity in the market, which makes units' cost drop and settlement price stay lower than benchmark price. Consequently electricity-demand provinces saved expenses, and units increase their profits. In conclusion, the trans-provincial electricity market of East China Power Grid is a successive case which improves the efficiency of the electricity industry by market-oriented measures.

Study on China's Carbon Emission Trading Market Development under the Globalization

This paper starts by describing China's carbon emissions trading market development history, reveals the existence of its development problems, then, analyzes the experience of successful establishment of the European and American national carbon emissions trading market. At last, this paper recommends for a call of unified effort to improve domestic carbon emissions trading market system.

CHINA WELCOMES CARBON TRADING China’s national carbon market has been launched after years in the making, but results may take time

China has taken a major step recently towards reaching its carbon peak and carbon neutrality goals.After elaborate preparation,the long-awaited national carbon market started trading on July 16,2021.A total of over 4.1 million tons of carbon dioxide(CO_(2))emission quotas worth more than 200 million yuan(US$30.9 million)changed hands during the first-day trading,marking a good start for the world’s largest emissions trading system(ETS).

Expand Trade to Adapt to Market Competition——China National Machinery Import & Export Corporation

Founded in 1950, the China National Machinery Import & Export Corporation (CMC) is a large national foreign trade enterprise directly under the administration of the Ministry of Foreign Trade and Economic Cooperation, specializing in the import and export of electromechanical products. It is one of our country’s first and largest foreign trade corporations. Since its founding 45 years ago, the corporation has been consistently endeavoring to develop and expand foreign trade in electromechanical products, and