A two-stage bi-level electricity-carbon coordinated optimization model for China's coal-fired power system considering variable renewable energy bidding

Sida Feng, Xingping Zhang, Haonan Zhang, Liwei Ju and Xinyue Zhang

Energy, 2024, vol. 312, issue C

Abstract: With China's grid-connected large-scale variable renewable energy, coal-fired power system is progressively changing from being the main supplier of electric energy to providing flexibility services. The coal-fired power system must increase operating efficiency during this transition process by considering the technical characteristics of various coal-fired power units. Additionally, the trading strategies of coal-fired power units in the electricity-carbon market are impacted differently depending on the extent of VRE penetration. This paper innovatively considers these two factors and proposes a two-stage bi-level clearing model in electricity-carbon joint market to coordinate the synergistic development of variable renewable energy and coal-fired power. The upper level of the model aims to maximize the total profits of the coal-fired power system and variable renewable energy units, while the lower level of the model minimizes the total purchasing costs. Coal-fired power units and variable renewable energy units compete to sell electric energy, with the latter buying peaking regulation from the former. The research results indicate that the proposed model can significantly reduce 66.79 % carbon emissions, increase 33.96 % non-fossil variable renewable energy integration and optimize the generation structure of coal-fired power system.

Keywords: Electricity-carbon joint market; Variable renewable energy bidding; Coal-fired power system; Flexible resources; Energy policy (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:312:y:2024:i:c:s0360544224034169

DOI: 10.1016/j.energy.2024.133638

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