Investment and Production Strategies of Renewable Energy Power under the Quota and Green Power Certificate System

Abstract

In order to study the impact of a renewable energy quota and green power certificate system on the strategies of energy suppliers, this paper constructs a multi-stage game model of renewable energy power investment and production from the renewable energy interest chain and its stakeholders. Through the calculation and solution of the model, the optimal renewable energy utilization level, pricing and production strategies of renewable energy power of energy suppliers are calculated under the scenarios of direct sale of power and purchase and sale by power grids. The results show that the quota ratio, green certificate price and investment cost are the key influencing factors of energy suppliers’ strategies, and changes in the values of the three factors will completely change the renewable energy investment, pricing and production levels of energy suppliers in equilibrium. In addition, the study found that the impact of the renewable energy quota on renewable energy utilization levels of energy suppliers depends on the relative size of investment cost and green power certificate price. At the same time, it was also found that with a change in investment cost, green power certificate price and user preference, the market share and renewable energy utilization level of traditional energy suppliers and new energy suppliers also change.