A multi-participant game model in multi-market with CCER and TGC

In the context of carbon peaking and carbon neutralization, the government of China has implemented Carbon Emissions Trading (CET) and Renewable Portfolio Standard (RPS) mechanisms for the carbon reduction and development of renewable energy. Consequently, Chinese certified emission reduction (CCET) and tradable green certificate (TGC) have been established to transform the green attribute into economic value. These market mechanisms will diversify the decision-making behaviours of various market participants in the power supply chain. To investigate the bidding behaviours of multi-participant, a game model of generation companies and retailers is proposed considering CCER and TGC. Then, the nonlinear complementarity method is used to obtain the equilibrium outcomes. Furthermore, numerical results validate the rationality and effectiveness of our proposed model, demonstrating that implementing CCER mechanism can enhance market competition, reduce carbon emissions, and foster renewable energy development.