Evaluation of the benefits of tradable peak energy use rights products

Environmental degradation and energy security issues require our country to accelerate the transition of its energy consumption structure towards decarbonization. Clarifying the impact of the pilot trading system of peak energy use rights products on the low-carbon transformation of energy consumption structure and the path of its effect is an important policy revelation for the construction of market-based environmental rights and interests regulation. In this paper, we study the implementation effect of the pilot provinces of peak energy use right product trading from the perspective of carbon emission reduction benefit and analyze the carbon emission reduction benefit generated by the peak energy use right product according to the pilot trading situation.


Introduction
As a preliminary exploration of energy market-oriented reform, the energy rights policy is similar to the white certificate system proposed by the European Union in 2011.In September 2016, the National Development and Reform Commission (NDRC) issued the "Pilot Program for the Compensated Use and Trading System of Energy Rights", which specifies that a pilot program for the compensated use and trading of energy rights will be carried out in four provinces, namely, Zhejiang, Fujian, Henan, and Sichuan (hereafter referred to as the energy right policy) [1] .The essence of the energy rights policy is a market-based environmental rights and interests regulation, and the main purpose is to give play to the market trading mechanism and the formation of a diversified pattern of market players in the field of energy, accelerate the construction of a unified national energy market, and ultimately achieve the low-carbon transformation of energy and economic development and drive [2] .
Most of the studies at this stage mainly focus on the environmental benefits, energy-saving effect, and mechanism of action of the white certificate system, which confirms the great potential of marketdriven energy savings at the consumption end [3] , but the effectiveness of market-based energy and environmental regulation in the Chinese scenario needs to be supplemented [4][5] .Some scholars have studied energy use rights from a theoretical perspective, including the legal analysis of the policy system and the mechanism design of quota allocation [6][7] .Some scholars focus on the core objective of the ene rgy use rights policy and have re ached a c onsensus on the role of ene rgy use rights in improving the total regional energy consumption [8] , improving energy efficiency [9] , and other aspects of energy saving.
IOP Publishing doi:10.1088/1742-6596/2771/1/012002 2 However, as a kind of environmental regulation to prevent and control pollution at the source from the end of energy use, it remains to be tested whether the right-to-use policy can realize a structural transformation of energy consumption while reducing energy consumption [10] .Therefore, this paper empirically examines the green carbon emission reduction benefits generated by energy-use rights products, to test their effectiveness in improving the decarbonization of energy consumption structure.

Design of a framework for trading peak energy use rights products
We design a decentralized transaction framework that combines blockchain technology with the energy right transaction process in the trading of spiking energy right products.The blocks of transaction information are generated and written into the main blockchain during the transaction process to ensure the traceability of the transaction.At the same time, utilizing the consensus authentication technology of blockchain, various types of data in the power system can be uploaded to the chain, such as power generation, power consumption, voltage, current, and abnormal power outage and transmission information of the equipment recorded by the power meter can be uploaded to the chain and stored to ensure the security and validity of the source of the transaction data.
The "delisting" and "listing" transactions in the overall structure are the "decentralized" "two-way listing and two-way delisting" direct transaction processes designed for this system.The direct trading process, which has a strong reference value for actively promoting the development of direct power trading, will strongly play the role of the market in resource allocation.The daily trading hours are from 8:00 to 20:00.During the set listing and delisting time, power energy consumers and power energy producers submit the details of the power they want to sell on the corresponding pages, and the power energy buyers can also carry out the listing operation and fill in the information of the power they acquire; in addition, the power energy consumers can also list and transfer the pre-acquired power in the energy right trading market for the hedging In addition, consumers of electricity can also list and transfer pre-acquired electricity on the energy rights trading market for hedging purposes, and both buyers and sellers can remove the license from the market after each listing.In other words, both buyers and sellers can list and delist, but the buyer can only delist the seller's listing information, and the seller can only delist the buyer's listing information.

Basic data
In this section, carbon emission reduction benefits are introduced to assess the effectiveness of peak energy use right products based on the trading situation of a pilot peak energy use right product in Shanxi Province.Firstly, four types of seller-users are set up, namely virtual power plants, electric vehicles, smart buildings, and user-side energy storage.The load situation of each type of user is different in 24 hours, and according to the 24-hour load situation, the respective load is divided into adjustable load and fixed load; two types of buyer-user subjects are set up, with loads of Class A users focusing on the hours of 0-6 and 22-24; and loads of Class B users focusing on the hours of 9-11 and 13-16.According to the available load situation in the pilot, we analyze the peak energy use right period within the pilot.The final transaction is determined by the price submitted by the seller and the demand of the buyer, and the seller's price is ranked from low to high and matched with the buyer's demand from high to low to get the final result of the transaction between the two parties.
Figure 1 above shows the typical daily load profile of the seller's customers, with a large adjustable load range for virtual power plants and electric vehicles, mostly concentrated in the hours of 10:00-16:00; and an adjustable range for smart buildings and customer-side energy storage, concentrated in the hours of 3:00-5:00 and 13:00-17:00.
Figure 2 above shows the typical daily load situation of the buyer's A and B customers, in which the peak energy consumption hours of A customers are 1-6 hours and 23-24 hours; and the peak energy consumption hours of B customers are 9-11 hours and 14-17 hours.According to the peak demand situation of the buyer and the adjustable load situation of the seller, trading of peak energy IOP Publishing doi:10.1088/1742-6596/2771/1/0120023 consumption right products will be carried out, based on the amount of quotations made by buyers and sellers respectively, and matching transactions will be prioritized according to the price level.As can be seen from the figure 3, virtual power plants are most involved in the trading of energy use rights, with the trading hours concentrated at 1-6, 8-12, 14-18, and 22-24 hours; followed by user-side energy storage, with the trading hours concentrated at 10-12, and 13-17 hours; the trading hours of smart buildings are concentrated at 2-6 hours; and the trading hours of electric vehicles are concentrated at 5-7, 8-11, and 14-17 hours.

Carbon emission reduction benefits
According to the transaction situation of peak energy use right products in different periods, it produces different degrees of peak shaving and valley filling effects on energy loads in different periods, thus generating the value of carbon emission reduction benefits.According to the trading situation of the energy use rights of the two types of users, the calculation of the value of their respective talk about carbon emissions is shown in Table 1 below.From the table 1, it can be seen that the seller-user not only safeguards the energy use during peak hours but also generates more objective carbon emission reduction benefits by cutting peaks and filling valleys through trading peak energy use right products with the buyer in the energy-use market.

Conclusions
(1) According to the results of the energy right trading, it can be seen that the demand for peak energy right products is better satisfied from 1 to 6 hours, and the demand satisfaction in the 9-10 hours is poorer compared to the other hours.For this reason, it is still necessary to introduce more subjects to satisfy the demand for energy use rights products.
(2) The market-based trading of peak energy use right products not only brings trading benefits to sellers but also guarantees the operation of peak hours for buyers through trading, and obtains carbon emission reduction benefits by cutting peaks and filling in valleys; in addition, it also contributes to the stable operation of the power grid, and reduces the pressure on the reliability of power supply brought by the peak hours.

Table 1 .
Calculation results of carbon emission reduction value for seller-users.