Analysis of Electricity Market Deregulation Effect on Chinese Economic Development Towards Carbon Neutrality: A Socioeconomic Perspective

• Published in: 2023 IEEE International Conference on Power Science and Technology (ICPST) pp. 569 - 572
• Main Authors: Cao, Yajuan, Wang, Fang, Chen, Tao
• Format: Conference Proceeding
• Language: English
• Published: IEEE 05.05.2023
• Subjects: carbon neutrality; Economics; Ecosystems; electricity market; Energy consumption; Industries; Production; Renewable energy sources; socioeconomic analysis; Transportation
• DOI: 10.1109/ICPST56889.2023.10165564

In this paper, we study the electricity price, as the most important production factor, for its external effort on societal economic development with qualitative analysis of its role in the expansion and re-allocation of overall social welfare. By analysis of the agency mode in the electricity retail market and its associated policy evolution, especially under the Chinese developmental goal of carbon neutrality, it is concluded that the mature electricity market development plays a significant role in helping shaping various societal sectors in Chinese economic ecosystem, including residential consumption, transportation, commercial shopping and many others from a socioeconomic perspective. Additionally, in the achieving process of carbon peaking and carbon neutrality by year 2030 and year 2060, the re-allocation of accumulated social welfare collected from renewable energy industry and carbon emission reduction to ordinary people should be emphasized through the carefully designed mechanism, such as generalised system of preferences (GSP) dedicated to public carbon footprint and energy consumption.