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The power sector is one of the major contributors to China’s carbon emissions, and its low-carbon transformation is of vital importance to China’s long-term sustainable development. This paper aims to investigate the spillover effect between the carbon emission trading (CET) market and power sector in China from a systematic perspective. We adopted the recently developed method of connectedness network and rolling window approach, and found that: (i) during our sample period, the total static spillover index and the average of total dynamic spillover indexes were 60.5735% and 57.9704%, respectively, and the spillover effect of this carbon-power system was relatively strong; (ii) there is weak bidirectional spillover effect between the CET market and the power sector, and the CET market is a net receiver of the information from the power sector; (iii) the CET market may exert a relatively high degree of impact on the power sector occasionally; (iv) for regulated power companies, their interactions with the carbon-power system may be related to its total holding installed capacity and the proportion of renewable energy installed. This study provides implications for policymakers, company managers, and market participants.

The Spillover Effect between Carbon Emission Trading (CET) Price and Power Company Stock Price in China