Power system resilience procurement costs in N-k contingencies have gained more prominence as number of extreme events continues to increase.A chain rule is presented in this paper for extracting resilience procuremen...Power system resilience procurement costs in N-k contingencies have gained more prominence as number of extreme events continues to increase.A chain rule is presented in this paper for extracting resilience procurement costs from a fully decomposed locational marginal price(LMP)model.First,power transfer distribution factor(PTDF)matrices with AC power flow(i.e.,AC-PTDF)are determined.AC-PTDF and AC-LODF(line outage distribution factor)equations are derived for N-k contingencies and a fully decomposed LMP model is developed where generation and transmission security components are established for specific contingencies.Furthermore,resilience procurement costs can be measured at different buses for the proposed security components.Impact of N-k contingencies on resilience procurement costs at specific buses can be determined as proposed security components will gain more insight for resilience procurement in power systems.The modified IEEE 6-bus and 118-bus systems are adopted to verify effectiveness of the proposed resilience procurement method.展开更多
By developing a GDMOD model to estimate the environmental externalities associated with electricity generation, this project provides a detailed analysis of the damages and costs caused by different pollutants at vary...By developing a GDMOD model to estimate the environmental externalities associated with electricity generation, this project provides a detailed analysis of the damages and costs caused by different pollutants at varying distances from the Mawan Electricity Plant in Shenzhen, China. The major findings of this study can be summarized that (1) environmental damages caused by electricity production are large and are mainly imposed on regions far away from the electricity plant; (2) air pollution is the most significant contributor to the total damages, and SO_2, NOx, and particulate matter are the three major pollutants with highest damages; (3) the damages caused per unit of particulate, NOx, and SO_2 emissions are much higher than pollution treatment and prevention costs. The research results of this project showed that China needs to have a more effective levy system on SO_2, and a more manageable electricity tariff mechanism to internalize the environmental externalities. The results have also implications for pollution control strategies, compensation schemes as well as emission trading arrangements.展开更多
Decarbonisation of power systems is essential for realising carbon neutrality,in which the economic cost caused by carbon needs to be qualified.Based on the formulation of locational marginal price(LMP),this paper pro...Decarbonisation of power systems is essential for realising carbon neutrality,in which the economic cost caused by carbon needs to be qualified.Based on the formulation of locational marginal price(LMP),this paper proposes a locational marginal electricity-carbon price(EC-LMP)model to reveal carbon-related costs caused by power consumers.A carbon-priceintegrated optimal power flow(C-OPF)is then developed to maximise economic efficiency of the power system considering the costs of electricity and carbon.Case studies are presented to demonstrate the new formulation and results demonstrate the efficacy of the EC-LMP-based C-OPF on decarbonisation and economy.展开更多
On March 20,China hiked f uel prices by the biggest margin in nearly three years after a surge in the cost of global crude,the government and state media said.The rise is the second this year and
On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model ...On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.展开更多
基金supported by the National Natural Science Foundation of China(52007032)Basic Research Program of Jiangsu Province(BK20200385)National Key R&D Program of China(2022YFB2703500).
文摘Power system resilience procurement costs in N-k contingencies have gained more prominence as number of extreme events continues to increase.A chain rule is presented in this paper for extracting resilience procurement costs from a fully decomposed locational marginal price(LMP)model.First,power transfer distribution factor(PTDF)matrices with AC power flow(i.e.,AC-PTDF)are determined.AC-PTDF and AC-LODF(line outage distribution factor)equations are derived for N-k contingencies and a fully decomposed LMP model is developed where generation and transmission security components are established for specific contingencies.Furthermore,resilience procurement costs can be measured at different buses for the proposed security components.Impact of N-k contingencies on resilience procurement costs at specific buses can be determined as proposed security components will gain more insight for resilience procurement in power systems.The modified IEEE 6-bus and 118-bus systems are adopted to verify effectiveness of the proposed resilience procurement method.
文摘By developing a GDMOD model to estimate the environmental externalities associated with electricity generation, this project provides a detailed analysis of the damages and costs caused by different pollutants at varying distances from the Mawan Electricity Plant in Shenzhen, China. The major findings of this study can be summarized that (1) environmental damages caused by electricity production are large and are mainly imposed on regions far away from the electricity plant; (2) air pollution is the most significant contributor to the total damages, and SO_2, NOx, and particulate matter are the three major pollutants with highest damages; (3) the damages caused per unit of particulate, NOx, and SO_2 emissions are much higher than pollution treatment and prevention costs. The research results of this project showed that China needs to have a more effective levy system on SO_2, and a more manageable electricity tariff mechanism to internalize the environmental externalities. The results have also implications for pollution control strategies, compensation schemes as well as emission trading arrangements.
基金supported by the National Natural Science Foundation of China(U2166211).
文摘Decarbonisation of power systems is essential for realising carbon neutrality,in which the economic cost caused by carbon needs to be qualified.Based on the formulation of locational marginal price(LMP),this paper proposes a locational marginal electricity-carbon price(EC-LMP)model to reveal carbon-related costs caused by power consumers.A carbon-priceintegrated optimal power flow(C-OPF)is then developed to maximise economic efficiency of the power system considering the costs of electricity and carbon.Case studies are presented to demonstrate the new formulation and results demonstrate the efficacy of the EC-LMP-based C-OPF on decarbonisation and economy.
文摘On March 20,China hiked f uel prices by the biggest margin in nearly three years after a surge in the cost of global crude,the government and state media said.The rise is the second this year and
文摘On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.