Research on Capacity Optimal Configuration of New Power System Considering CO₂ Pricing

Carbon pricing plays a crucial role in shaping the new paradigm of power systems. This study explores optimizing diverse electricity resources under the coupling of carbon and electricity, enabling effective system capacity utilization. An innovative model on capacity optimal configuration of the new power systems driven by CO₂ pricing is proposed, to minimize total system costs while considering CO₂ emissions externalities, ensuring both security of supply and CO₂ emission reduction. The model aims to form many renewable energy resource combinations in the power system. The findings indicate that, the power planning model which accounts for the carbon quota can effectively integrate different types of generating units and storage facilities to reduce the reliance on high CO₂ emitting generating equipment, significantly reduce CO₂ emissions, and economically better than the scenario where the flexibility is mainly supplied by coal power. Moreover, the increase in CO₂ costs leads to higher system costs and marginal clearing prices in the short term, potentially affecting end-user electricity prices. However, in the long term, it incentivizes power companies to shift towards cleaner energy sources, thereby lowering CO₂ emissions. This study provides empirical support for the further development of carbon markets, advocates for the influence of carbon pricing mechanisms in power planning, and offers valuable insights for achieving carbon emission reduction targets.