A Multi-Participant Dynamic Game Model in Electricity Market Under Renewable Portfolio Standard and Green Certificates Trading

To achieve the goal of carbon neutrality, governments have been seeking effective green electricity market incentive policies. At present, China has formed the Renewable Portfolio Standard (RPS) and Tradable Green Certificate (TGC) trading policies to promote the rapid development of renewable energy. To analyze the impact of RPS and TGC trading policies on the electricity market, a multi-participant dynamic game model is proposed. Firstly, the new market transaction framework is formed and the changes of market decision-making behaviors are explained under RPS and TGC. Secondly, based on the new transaction framework, a multi-participant dynamic game model is established. Numerical results are exhibited to quantitatively analyze the impact of RPS and TGC trading policies on the multi-participant decision-making behaviors and equilibrium results in the electricity market.