Proceedings of the 2023 2nd International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2023)

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Designing a National Inertia Trading Market with Chinese Characteristics

Authors
Mengqing Liu1, *
1College of Management and Economics, Tianjin University, Tianjin, 300072, China
*Corresponding author. Email: mengqing.liu@tju.edu.cn
Corresponding Author
Mengqing Liu
Available Online 10 October 2023.
DOI
10.2991/978-94-6463-268-2_36How to use a DOI?
Keywords
Dual Carbon Goals; Energy Economy; National Inertia Market; Power System Reform
Abstract

The rapid development of new energy has led to insufficient rotational inertia, putting significant challenge on the safe and stable operation of the power system. As the world’s largest energy consumer and carbon dioxide emitter, China is making commitment to realizing its dual carbon goals. The national inertia market, as an innovative tool to deal with the problem of large-scale new energy in the power system, will play a key role in promoting the low-carbon transformation of China’s energy economy. This paper focuses the following questions: What is the inertia market? Why is it necessary to build a national inertia market? What kind of inertia market does China need to establish? How to build an inertia market with Chinese characteristics? A national inertia market is a difficult task that cannot be completed in a single day due to the complexity of the difficulties involved. The incomplete contractility and uncertainty of new energy sources make the demand for power system change more and faster than the traditional power system. For their prices to more properly reflect the value of resources to system reliability, inertial markets can have appropriate price formation processes that deliver more rapid and accurate price signals.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2023 2nd International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2023)
Series
Advances in Economics, Business and Management Research
Publication Date
10 October 2023
ISBN
10.2991/978-94-6463-268-2_36
ISSN
2352-5428
DOI
10.2991/978-94-6463-268-2_36How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Mengqing Liu
PY  - 2023
DA  - 2023/10/10
TI  - Designing a National Inertia Trading Market with Chinese Characteristics
BT  - Proceedings of the 2023 2nd International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2023)
PB  - Atlantis Press
SP  - 331
EP  - 338
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-268-2_36
DO  - 10.2991/978-94-6463-268-2_36
ID  - Liu2023
ER  -