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Driving Trajectory of Electricity Spot Market Pilot Policy in China’s Renewable Energy Development: Quasi-Experimental Evidence with Industrial Structure Moderation
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OA
AI
Y
F
张
X
J
H
DOI：10.3390/en19163781.png)
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Abstract
En 中文
With the rapid growth of installed capacity for renewable energy in recent years, the challenge of developing renewable electricity has become increasingly significant. Reforms in the electricity market have played a crucial role in facilitating the large-scale absorption of renewable energy. This study employs panel data from 2008 to 2022 to examine the specific effects of China’s electricity spot market pilot policy on the development of renewable energy by two-way fixed effects multi-period difference-in-differences (DID-TWFE) models. Through examining moderation mechanism and regional heterogeneity, the impact of pilot policy on the proportion of renewable energy in power generation is fully investigated. The findings indicate that the policy increased the proportion of renewable energy in the electricity production of the pilot regions, with this effect being significant solely in the central and western regions, which are the principal producing areas for renewable electricity. The industrial structure exerts a positive moderating effect on this outcome. Based on the findings, policy implications are provided with respect to the coverage of electricity spot market and the development of inter-provincial electricity spot markets.
Keywords:
electricity market
spot market
renewable energy development
absorption of renewable energy
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