Analysis of Value of Flexible Regulation Capability of Resources under the Coupling of Electricity, Carbon and Green Certificate Markets

New flexible regulation resources with low carbon emissions and high regulatory capabilities are critical to balancing and stabilizing future power systems under dual carbon targets. These resources include energy storage system(ESS), coal-fired power plants retrofitted with deep regulation capabilities, adjustable renewable energy sources, and flexible loads. However, investment in these technologies is hindered by high construction and operational costs, as well as a limited understanding of their comprehensive value. To address this challenge, it is essential to thoroughly investigate the value patterns of flexible regulation resources in system operation, clean energy transition, and low-carbon development. Aligning the returns on investment with their complete value is crucial for encouraging deployment. This study evaluates the regulatory value of these resources, categorizing them into three dimensions: rate-based, range-based, and time-based values. These values are exemplified by factors such as the ramp-up and ramp-down rates of thermal units and the capacity, charge, and discharge power of energy storage systems. Considering the interactions among the electricity market, the carbon market and the green certificate market, the analysis reveals that increasing the allocation of flexible regulation resources significantly reduces system generation costs, improves renewable energy integration, and reduces carbon emissions.