Abstract
To reach the “30·60” decarbonization target (where carbon emissions start declining in 2030 and reach net zero in 2060), China is restructuring its power system to a new energy-based one. Given this new situation, this paper reviews previous studies on the power market and highlights key issues for future research as we seek to adapt to the new power system (NPS). Based on a systematic literature review, papers on the operational efficiency of the power market, participants’ bidding strategies and market supervision were identified. In a further step, papers with high relevance were analyzed in more detail. Then, key studies that focused on market trading under China’s new power system were picked out for further discussion. New studies were searched for that pertained to new energy mechanisms and bidding, the transition from coal-fired power, flexible resources and the technical applications of simulations. The quantitative analysis supports the construction of a basic paradigm for the study of power markets that is suitable for the new power system. Finally, the theoretical basis and application suggestions for power market simulations are introduced. This study summarized the existing research on the power market and further explored the key issues relating to the power market as it adapts to the NPS, hoping to inspire better research into China’s power sector, and promote safe, low-carbon, and sustainable development in China’s power industry.
Highlights
The reform of a power system is a major measure and an important part of China’s energy restructuring
Research on electric power markets are discussing how the markets can adapt to the new power system, which will be based on renewable energy
This paper provided a rigorous systematic review of the study of power markets given this new situation
Summary
The reform of a power system is a major measure and an important part of China’s energy restructuring. The Chinese government has pledged to halt further CO2 emissions by 2030 and become carbon neutral by 2060 [2]. This requires higher levels of sustainable development in the power system. The proportion of new energy in primary energy consumption continues to rise. Renewable energy power output reached 2.2 trillion kilowatt-hours in 2020, accounting for 29.5% of national electricity consumption. China has fulfilled its commitment that non-fossil energy consumption must account for at least 15% of the primary energy consumption by 2020 as scheduled [3]
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
