Abstract: In order to achieve low-carbon transformation of power sector, China has gradually established and improved the national carbon emission trade market and tradable green electricity certification market. How to design and coordinate the targets of these market policies to promote renewable energy power parity is the key to the green and low-cost transition in China’s power system. A bidding model of electric power enterprises under multi-market coordination is constructed, and the price formation and price transmission path among the carbon market, the green certificate market and the electricity market are simulated. The differences in bidding strategies of power companies under the synergy of multiple markets are analyzed. Combined with the results of calculation examples, it is found that multi-market coordination has a significant effect on the dual goals of reducing carbon emissions and promoting the development of renewable energy. The tightening of carbon quota supply and the increase of green certificate quotas both help reduce the price difference between renewable energy power and traditional energy power. Market coordination can create new profit growth points for renewable energy power generation companies and increasing the production cost of coal-fired power generation. The inherent coordination mechanism of multiple markets is revealed. It helps policy makers to fully consider the synergy between markets, so as to formulate more efficient emission reduction and renewable energy development policies.

Key words: carbon emissions trading; tradable green certificates; market coordination; renewable energy; bidding price