IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v18y2025i15p4086-d1715743.html

Multi-Market Coupling Mechanism of Offshore Wind Power with Energy Storage Participating in Electricity, Carbon, and Green Certificates

Author

Listed:
  • Wenchuan Meng

    (Energy Development Research Institute, China Southern Power Grid, Guangzhou 510663, China)

  • Zaimin Yang

    (School of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Jingyi Yu

    (Energy Development Research Institute, China Southern Power Grid, Guangzhou 510663, China)

  • Xin Lin

    (Power Grid Planning Research Center, Guangxi Power Grid, Nanning 530013, China)

  • Ming Yu

    (Power Grid Planning Research Center, Guangxi Power Grid, Nanning 530013, China)

  • Yankun Zhu

    (School of Automation, Wuhan University of Technology, Wuhan 430070, China)

Abstract

With the support of the dual-carbon strategy and related policies, China’s offshore wind power has experienced rapid development. However, constrained by the inherent intermittency and volatility of wind power, large-scale expansion poses significant challenges to grid integration and exacerbates government fiscal burdens. To address these critical issues, this paper proposes a multi-market coupling trading model integrating energy storage-equipped offshore wind power into electricity–carbon–green certificate markets for large-scale grid networks. Firstly, a day-ahead electricity market optimization model that incorporates energy storage is established to maximize power revenue by coordinating offshore wind power generation, thermal power dispatch, and energy storage charging/discharging strategies. Subsequently, carbon market and green certificate market optimization models are developed to quantify Chinese Certified Emission Reduction (CCER) volume, carbon quotas, carbon emissions, market revenues, green certificate quantities, pricing mechanisms, and associated economic benefits. To validate the model’s effectiveness, a gradient ascent-optimized game-theoretic model and a double auction mechanism are introduced as benchmark comparisons. The simulation results demonstrate that the proposed model increases market revenues by 17.13% and 36.18%, respectively, compared to the two benchmark models. It not only improves wind power penetration and comprehensive profitability but also effectively alleviates government subsidy pressures through coordinated carbon–green certificate trading mechanisms.

Suggested Citation

  • Wenchuan Meng & Zaimin Yang & Jingyi Yu & Xin Lin & Ming Yu & Yankun Zhu, 2025. "Multi-Market Coupling Mechanism of Offshore Wind Power with Energy Storage Participating in Electricity, Carbon, and Green Certificates," Energies, MDPI, vol. 18(15), pages 1-22, August.
    • Handle: RePEc:gam:jeners:v:18:y:2025:i:15:p:4086-:d:1715743
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/18/15/4086/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/18/15/4086/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Wang, Ge & Zhang, Qi & Su, Bin & Shen, Bo & Li, Yan & Li, Zhengjun, 2021. "Coordination of tradable carbon emission permits market and renewable electricity certificates market in China," Energy Economics, Elsevier, vol. 93(C).
    2. Guo, Xiaopeng & Zhang, Xinyue & Zhang, Xingping, 2024. "Incentive-oriented power‑carbon emissions trading-tradable green certificate integrated market mechanisms using multi-agent deep reinforcement learning," Applied Energy, Elsevier, vol. 357(C).
    3. Zhen, Juntao & Zhao, Laijun & Yi, Hongru & Cheng, Youfeng & Wang, Ke & Hu, Haisheng, 2024. "Cross-provincial collaborative transaction that considers both the green electricity and the green certificate markets under a renewable portfolio standard policy," Applied Energy, Elsevier, vol. 372(C).
    4. Chang, Xin & Wu, Zhaoyuan & Wang, Jingting & Zhang, Xingyu & Zhou, Ming & Yu, Tao & Wang, Yuyang, 2023. "The coupling effect of carbon emission trading and tradable green certificates under electricity marketization in China," Renewable and Sustainable Energy Reviews, Elsevier, vol. 187(C).
    5. Wang, Peng & Guo, Zixuan & Zhang, Shengyu & Zhu, Lin & Yi, Liqi & Song, Xiaohua, 2024. "Strategic behaviors of renewable energy generation companies participating in the electricity and carbon coupled markets based on non-cooperative game theory," Energy, Elsevier, vol. 312(C).
    6. Meng, Yuxiang & Ma, Gang & Yao, Yunting & Li, Hao, 2024. "Nash bargaining based integrated energy agent optimal operation strategy considering negotiation pricing for tradable green certificate," Applied Energy, Elsevier, vol. 356(C).
    7. Zhang, Feng & Li, Yun & Li, Fengling & Yuan, Jiahang & Li, Yanbin, 2022. "Decision-making behavior of power suppliers in the green certificate market: A system dynamics analysis," Energy Policy, Elsevier, vol. 171(C).
    8. Yan, Sizhe & Wang, Weiqing & Li, Xiaozhu & Lv, Haipeng & Fan, Tianyuan & Aikepaer, Sumaiya, 2023. "Stochastic optimal scheduling strategy of cross-regional carbon emissions trading and green certificate trading market based on Stackelberg game," Renewable Energy, Elsevier, vol. 219(P1).
    9. Zheng, Baoning & Bao, Zhejing & Yang, Li, 2023. "Design and equilibrium analysis of integrated market of ISO-led carbon emissions, green certificates and electricity considering their interplay," Energy Economics, Elsevier, vol. 126(C).
    10. Yue, Tingyi & Wang, Honglei & Li, Chengjiang & Hu, Yu-jie, 2024. "Optimization strategies for green power and certificate trading in China considering seasonality: An evolutionary game-based system dynamics," Energy, Elsevier, vol. 311(C).
    11. Li, Xu & Deng, Jianhua & Liu, Jichun, 2025. "Energy–carbon–green certificates management strategy for integrated energy system using carbon–green certificates double-direction interaction," Renewable Energy, Elsevier, vol. 238(C).
    12. Jiang, Zhiyu, 2021. "Installation of offshore wind turbines: A technical review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 139(C).
    13. Li, Jialin & Hu, Yu & Chi, Yuanying & Liu, Dunnan & Yang, Shuxia & Gao, Zhiyuan & Chen, Yuetong, 2024. "Analysis on the synergy between markets of electricity, carbon, and tradable green certificates in China," Energy, Elsevier, vol. 302(C).
    14. Yan, Sizhe & Wang, Weiqing & Li, Xiaozhu & Maimaiti, Pakezhati & Zhao, Yi, 2024. "Cross-regional green certificate transaction strategies based on a double-layer game model," Applied Energy, Elsevier, vol. 356(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hao He & Wei He & Jun Guo & Kang Wu & Weizhe Zhao & Zijing Wan, 2025. "Research on New Energy Power Generation Forecasting Method Based on Bi-LSTM and Transformer," Energies, MDPI, vol. 18(19), pages 1-25, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Guo, Hongxia & Li, Lin & Li, Yuan & Chen, Haoyong & Ma, Qian & Zhang, Xianling, 2026. "CVaR-based trading strategies of renewable energy producers under the integration of environmental attribute markets," Renewable Energy, Elsevier, vol. 260(C).
    2. Yang, Ziyu & Li, Chengjiang & Wang, Honglei & Yang, Jing, 2025. "Dynamic evolution of electricity price transmission effects from electricity-carbon market coupling under tradable green certificate price regulation," Energy, Elsevier, vol. 334(C).
    3. Li, Xu & Deng, Jianhua & Liu, Jichun, 2025. "Energy–carbon–green certificates management strategy for integrated energy system using carbon–green certificates double-direction interaction," Renewable Energy, Elsevier, vol. 238(C).
    4. Huang, Xin & Zhong, Junjie & Zhao, Jinjin & Cao, Yijia & Zeng, Zilong & Feng, Chuanhao, 2026. "Risk-averse scheduling of integrated energy systems: Green-carbon market coordination with flexible resources," Energy, Elsevier, vol. 344(C).
    5. Wang, Yue & Wang, Bangjun & Cui, Linyu, 2026. "Multi-agent collaboration-driven energy structure transition: A quadripartite evolutionary game analysis framework integrating carbon, electricity, and green certificate markets," Energy Economics, Elsevier, vol. 153(C).
    6. Wang, Yue & Wang, Bangjun & Cui, Linyu, 2025. "Applauded not acclaimed? Implementation effectiveness of the tradable green certificate in renewable energy policy of China," Energy Economics, Elsevier, vol. 145(C).
    7. Lili Liu & Tiantian Feng & Cheng Zhong & Mingli Cui & Haoran Wang, 2025. "Synergy pathway innovation of carbon emission trading, tradable green certificate and green power trading policies: achieving China’s dual carbon goals," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-28, December.
    8. Tan, Mao & Jiang, Hongwei & Kuang, Yi & Li, Kang & Wang, Rui & Li, Zibin, 2025. "Electricity–carbon dual response for energy-intensive enterprise: A co-optimization approach," Renewable Energy, Elsevier, vol. 251(C).
    9. Sun, Yaling & Che, Yanbo & Guo, Xiao & Zhang, Shangyuan, 2025. "Optimal modelling and analysis of DG-GC joint multilateral transaction in energy blockchain environment: from the REP perspective," Energy, Elsevier, vol. 335(C).
    10. Zhang, Rui & Hu, Yu-Jie & Tang, Bao-Jun, 2025. "A Stackelberg game approach for power generators' policy preferences to meet emission reduction and development goals," Renewable Energy, Elsevier, vol. 250(C).
    11. Lin, Boqiang & Li, Jiangnan, 2026. "The marketization of green electricity trading and investment decisions of new energy enterprises," Energy Policy, Elsevier, vol. 210(C).
    12. Zhang, Yue & Zhao, Xin-gang & Zhou, Ying & Wang, Hui, 2025. "Impact of combined environmental policies on carbon emission reduction: A system dynamics analysis," Utilities Policy, Elsevier, vol. 94(C).
    13. Liu, Zhi-Feng & Luo, Xing-Fu & Jin, Xiao-Long & Kang, Qing, 2025. "Improving energy management efficiency of regional integrated energy system: A novel multi-agent reference dependence-based framework with green certificates allocation-transaction strategy," Applied Energy, Elsevier, vol. 399(C).
    14. Ying, Zhou & Xuefeng, Jia & Hui, Wang & Junling, Huang, 2025. "Incentive mechanism design for mandatory green certificate trading in China: A collective action perspective," Energy, Elsevier, vol. 319(C).
    15. Tan, Qinliang & Shi, Chaofan & Zeng, Jiabin & Jin, Zihan & Ding, Yihong & He, Jiaming & Qin, Guangyu, 2026. "Design of a green certificate differentiated issuance mechanism based on renewable energy enterprises subsidy perspective: A case study of China," Energy Policy, Elsevier, vol. 209(PA).
    16. Shining Yang & Feng Mi, 2025. "Renewable Portfolio Standards, Carbon Emissions Trading and China Certified Emission Reduction: The Role of Market Mechanisms in Optimizing China’s Power Generation Structure," Energies, MDPI, vol. 18(4), pages 1-23, February.
    17. Liu, Lili & Feng, Tiantian & Li, Yan & Zhong, Cheng & Wang, Haoran & Xuan, Jiadong, 2025. "Green power-TGC-CET conversion mechanism design, dynamic evaluation and selection: Enhancing multi-market synergy," Energy Economics, Elsevier, vol. 149(C).
    18. Zeng, Lijun & Du, Wenjing & Zhao, Laijun & Chen, Shuai, 2024. "An inter-provincial coordinate model under Renewable Portfolio Standards policy based on tradable green certificate options trading," Renewable Energy, Elsevier, vol. 234(C).
    19. Meina Shen & Runkun Cheng & Da Liu, 2024. "Optimal Bidding Strategies for Wind-Thermal Power Generation Rights Trading: A Game-Theoretic Approach Integrating Carbon Trading and Green Certificate Trading," Sustainability, MDPI, vol. 16(16), pages 1-15, August.
    20. Shi, Rong & Chen, Yue & Yang, Shuxia & Wang, Xiongfei, 2026. "Value co-creation in the renewable energy-hydrogen-methanol chain: A complex network evolutionary game under multi-market contexts," Applied Energy, Elsevier, vol. 409(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:18:y:2025:i:15:p:4086-:d:1715743. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager The email address of this maintainer does not seem to be valid anymore. Please ask MDPI Indexing Manager to update the entry or send us the correct address (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.