New energy market trading mechanism and benefit analysis of Zhejiang electricity spot market

Abstract

As China has declared its pledge on peak emission and carbon neutrality and the target of building a new power system， the new energy in China is undergoing a period of rapid development. However， since the subsidies for new energy continues to decrease， it is widely recognized that new energy consumption and the revenues should be addressed through a market-oriented way. The paper simulates and estimates new energy participating in market trade by “quoted volume without quotation” based on the trading mechanism of electricity spot market in Zhejiang province. The results show that new energy， through rational safeguarding of utilization hours and rational utilization hours consumption， can ensure its own revenues and in the meantime reduce subsidies by participation in market； in contrast to wind power， solar PV is more receptive to electricity spot market.

Keywords

• new energy
• electricity spot market
• market simulation
• revenue analysis