Focusing on the key issue of the policy design of Renewable Portfolio Standards(RPS):the establishment of the quota holder,this paper formulates a green power absorption model in a power supply and consumption system including generators,grid company and end consumers.According to the design of RPS policy,the mechanism of the mandatory quotas,awards and penalties,and awards and penalties plus green certificates guaranteed acquisition are modelled.Sequential game theory is used to analyze the decisions of generators and grid companies when they respectively become the quota holder under these mechanism.Results show that the quota holder who is responsible for meeting the policy requirements will lose profits;Penalties force the quota holder to take larger profit losses while awards for participants help them lower their profit losses;Guaranteed acquisition of green certificates by the government results in a decrease in the profit of the traditional generator and an increase in the profit of the grid company and the green power generator.The grid company and green power generator have higher returns when the traditional power generator is the quota holder.The low sensitivity of market entities to green certificates guaranteed price is conducive to the exit of the mechanism of green certificates guaranteed acquisition.
Green PowerQuota HolderMandatory QuotasAwards and Penalties MechanismGuaranteed Acquisition
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