The power grid

as the hub connecting the power supply and consumption sides

plays an important role in achieving carbon neutrality in China. In emerging carbon markets

assessing the investment benefits of power-grid enterprises is essential. Thus

studying the impact of the carbon market on the investment and operation of power- grid enterprises is key to ensuring their efficient operation. Notably

few studies have examined the interaction between the carbon and electricity markets using system dynamics models

highlighting a research gap in this area. This study investigates the impact of the carbon market on the investment of power-grid enterprises using a novel evaluation system based on a system dynamics model that considers carbon-emissions from an established carbon-emission accounting model. First

an index system for benefit evaluation was constructed from six aspects: financing ability

economic benefit

reliability

social responsibility

user satisfaction

and carbon-emissions. A system dynamics model was then developed to reflect the causal feedback relationship between the impact of the carbon market on the investment and operation of power-grid enterprises. The simulation results of a provincial power-grid enterprise analyze comprehensive investment evaluation benefits over a 10-year period and the impact of carbon emissions on the investment and operation of power-grid enterprises. This study provides guidelines for the benign development of power-grid enterprises within the context of the carbon market.