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The decarbonization of the power sector plays a pivotal role in economy-widedecarbonization to set the world on track to limit warming to 1.5{\deg}C by2050. Carbon emission markets can play a significant role in this transition byputting a price on carbon and giving electricity producers an incentive toreduce their emissions. In this paper, we study the operational equilibrium ofan integrated regional/jurisdictional energy system that comprises anelectricity market, a natural gas market, and a carbon emission market. Wefirst propose the novel role of a regional carbon market operator (CMO).Different than the conventional cap-and-trade carbon trading mechanism, theproposed CMO manages carbon allowance trading in a centralized jurisdictionalcarbon emission market. We then develop the formulation to identify theoperational equilibrium of the electricity, natural gas, and carbon emissionmarkets based on their interactions. The proposed equilibrium can be obtainedby solving the Karush-Kuhn-Tucker (KKT) conditions of all three operationalmodels simultaneously. Simulation results demonstrate that the proposedapproach is more flexible, consistent, and effective in mitigating carbonemissions compared with the cap-and-trade mechanism.

Identifying Operation Equilibrium in Integrated Electricity, Natural Gas, and Carbon-Emission Markets