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Price effect of multi-energy system with CCS and P2G and its impact on carbon-gas-electricity sectors

Author

Listed:
  • Lan, Liuhan
  • Zhang, Youzhong
  • Zhang, Xingping
  • Zhang, Xinyue

Abstract

Multi-energy systems with carbon capture system (CCS) and power to gas (P2G) can reduce carbon emissions while increasing the consumption of renewable energy. This paper proposed a long-term equilibrium including electricity, gas and carbon markets to study the price effect of the system and its impact on the carbon-gas- electricity sector. The simulation results indicate that the main impact of the system on the electricity sector is to reduce energy curtailment and provide flexible resource for the electric system. P2G used an excess of 22.21 TWh of renewable energy, while CCS used 2.65 TWh of electricity to operate the capture system. The multi-energy system will reduce the market clearing price in the gas market (the annual average gas price decreased from 276.90 to 276.30 yuan/MWh). However, the partial transfer of flexibility to the electricity sector may increase cost in the gas industry, which in turn will be transferred back to the electricity sector again. In addition, through the operation of multi-energy system, carbon elements will circulate in the three sectors. CCS will become a carbon price-maker when electricity scarcity and carbon quota tightening, and increase carbon prices, which will increase the utilization hours of CCS and P2G and their profitability.

Suggested Citation

  • Lan, Liuhan & Zhang, Youzhong & Zhang, Xingping & Zhang, Xinyue, 2024. "Price effect of multi-energy system with CCS and P2G and its impact on carbon-gas-electricity sectors," Applied Energy, Elsevier, vol. 359(C).
    • Handle: RePEc:eee:appene:v:359:y:2024:i:c:s0306261924000965
    DOI: 10.1016/j.apenergy.2024.122713
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