The effects of carbon emissions trading and renewable portfolio standards on the integrated wind-photovoltaic-thermal power-dispatching system: Real case studies in China

The existing literature demonstrates that the multi-energy combined power-dispatching system is crucial for resolving the mismatch between the installed capacity and the power generation through renewable energy. However, our knowledge of the impact mechanism of climate policies on this system is still limited. To address this gap, cost-accounting models that consider price fluctuation based on carbon emissions trading and renewable portfolio standards in China are proposed and applied to the integrated wind-photovoltaic-thermal power-dispatching system in Xinjiang. The scenarios analysis showed that in terms of reducing emissions, carbon emissions trading is more effective in cases with a high installed proportion of renewable power, whereas renewable portfolio standards are the opposite, as they are better in two cases in terms of energy saving. The sensitivity analysis indicates that the effect of renewable portfolio standards on the penetration rate of renewable power is constant. There is some potential for the design optimization of these two policies in China, and the characteristics of the power structure should be considered. These results can help the dispatching department in evaluating the impact of carbon emissions trading and renewable portfolio standards to optimize the dispatching strategy and provide directions for policy makers to improve the design. (c) 2021 Elsevier Ltd. All rights reserved.

Automated summary

The study shows that the impact of carbon emissions trading and renewable portfolio standards on the multi-energy combined power-dispatching system varies: the former is more conducive to emission reduction, while the latter is more suitable for energy saving. The renewable portfolio standards have a constant effect on the penetration rate of renewable power, providing insight for the design optimization of these two policies in China.