Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay

The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multipl...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Zheng, Baoning [verfasserIn] Bao, Zhejing [verfasserIn] Yang, Li [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2023

Schlagwörter:	Electricity Equilibrium Green certificates Renewable energy Integrated market

Übergeordnetes Werk:	Enthalten in: Energy economics - Amsterdam [u.a.] : Elsevier Science, 1979, 126
Übergeordnetes Werk:	volume:126

DOI / URN:	10.1016/j.eneco.2023.107022

Katalog-ID:	ELV064942236

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520			\|a The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas.
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650		4	\|a Green certificates
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allfields	10.1016/j.eneco.2023.107022 doi (DE-627)ELV064942236 (ELSEVIER)S0140-9883(23)00520-0 DE-627 ger DE-627 rda eng 620 VZ 83.65 bkl Zheng, Baoning verfasserin aut Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas. Electricity Equilibrium Green certificates Renewable energy Integrated market Bao, Zhejing verfasserin aut Yang, Li verfasserin aut Enthalten in Energy economics Amsterdam [u.a.] : Elsevier Science, 1979 126 Online-Ressource (DE-627)320407675 (DE-600)2000893-4 (DE-576)259271071 1873-6181 nnns volume:126 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.65 Versorgungswirtschaft VZ AR 126
spelling	10.1016/j.eneco.2023.107022 doi (DE-627)ELV064942236 (ELSEVIER)S0140-9883(23)00520-0 DE-627 ger DE-627 rda eng 620 VZ 83.65 bkl Zheng, Baoning verfasserin aut Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas. Electricity Equilibrium Green certificates Renewable energy Integrated market Bao, Zhejing verfasserin aut Yang, Li verfasserin aut Enthalten in Energy economics Amsterdam [u.a.] : Elsevier Science, 1979 126 Online-Ressource (DE-627)320407675 (DE-600)2000893-4 (DE-576)259271071 1873-6181 nnns volume:126 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.65 Versorgungswirtschaft VZ AR 126
allfields_unstemmed	10.1016/j.eneco.2023.107022 doi (DE-627)ELV064942236 (ELSEVIER)S0140-9883(23)00520-0 DE-627 ger DE-627 rda eng 620 VZ 83.65 bkl Zheng, Baoning verfasserin aut Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas. Electricity Equilibrium Green certificates Renewable energy Integrated market Bao, Zhejing verfasserin aut Yang, Li verfasserin aut Enthalten in Energy economics Amsterdam [u.a.] : Elsevier Science, 1979 126 Online-Ressource (DE-627)320407675 (DE-600)2000893-4 (DE-576)259271071 1873-6181 nnns volume:126 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.65 Versorgungswirtschaft VZ AR 126
allfieldsGer	10.1016/j.eneco.2023.107022 doi (DE-627)ELV064942236 (ELSEVIER)S0140-9883(23)00520-0 DE-627 ger DE-627 rda eng 620 VZ 83.65 bkl Zheng, Baoning verfasserin aut Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas. Electricity Equilibrium Green certificates Renewable energy Integrated market Bao, Zhejing verfasserin aut Yang, Li verfasserin aut Enthalten in Energy economics Amsterdam [u.a.] : Elsevier Science, 1979 126 Online-Ressource (DE-627)320407675 (DE-600)2000893-4 (DE-576)259271071 1873-6181 nnns volume:126 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.65 Versorgungswirtschaft VZ AR 126
allfieldsSound	10.1016/j.eneco.2023.107022 doi (DE-627)ELV064942236 (ELSEVIER)S0140-9883(23)00520-0 DE-627 ger DE-627 rda eng 620 VZ 83.65 bkl Zheng, Baoning verfasserin aut Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas. Electricity Equilibrium Green certificates Renewable energy Integrated market Bao, Zhejing verfasserin aut Yang, Li verfasserin aut Enthalten in Energy economics Amsterdam [u.a.] : Elsevier Science, 1979 126 Online-Ressource (DE-627)320407675 (DE-600)2000893-4 (DE-576)259271071 1873-6181 nnns volume:126 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.65 Versorgungswirtschaft VZ AR 126
language	English
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sourceStr	Enthalten in Energy economics 126 volume:126
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authorswithroles_txt_mv	Zheng, Baoning @@aut@@ Bao, Zhejing @@aut@@ Yang, Li @@aut@@
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author	Zheng, Baoning
spellingShingle	Zheng, Baoning ddc 620 bkl 83.65 misc Electricity misc Equilibrium misc Green certificates misc Renewable energy misc Integrated market Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay
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topic_title	620 VZ 83.65 bkl Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay Electricity Equilibrium Green certificates Renewable energy Integrated market
topic	ddc 620 bkl 83.65 misc Electricity misc Equilibrium misc Green certificates misc Renewable energy misc Integrated market
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title	Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay
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title_full	Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay
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title_sort	design and equilibrium analysis of integrated market of iso-led carbon emissions, green certificates and electricity considering their interplay
title_auth	Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay
abstract	The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas.
abstractGer	The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas.
abstract_unstemmed	The integrated market, comprising ISO-led (Independent System Operator) carbon emissions and green certificates, as well as the wholesale electricity market, is designed. In the integrated market, the trading and clearing mechanisms of each market are developed, and the equilibrium model for multiple markets is proposed by considering the clearing rules and trading participants of each market. At the equilibrium, from the perspective of the electricity producer, its objective is to achieve the maximum profit while the other producers' strategies remain fixed. Consequently, according to the Nash equilibrium theory, the equilibrium fitness index for multi-manufacturer and multi-market is proposed, which could reach its maximum value at equilibrium. This index is then used as the optimization objective in the PSO (particle swarm optimization) algorithm to derive the market equilibrium. Numerical studies show the effectiveness of the solution approach, and discover the influences of carbon emission quotas and renewable quotas on the multi-market equilibrium. With the equilibrium, the valuable suggestions could be provided to the regulators of carbon emissions and green certificates markets regarding the allocations of the corresponding quotas.
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title_short	Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay
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doi_str	10.1016/j.eneco.2023.107022
up_date	2024-07-06T21:16:21.240Z
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Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay

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