An Empirical Study On The Investment Of Carbon Emissions Trading Policy To Electric Power Enterprises

At present,the global carbon dioxide emissions and carbon emission reduction issues have aroused close attention from all over the world.The countries around the world has attach attention to carbon dioxide emissions and carbon emission reduction.To meet the growing energy demand of mankind and reduce carbon dioxide emissions so as to slow down air pollution and climate warming,on the one hand,the world has vigorously promoted the utilization of wind power,hydropower and renewable energy.On the other hand,the countries in the world has implemented a number of initiatives to reduce carbon dioxide emissions.Among them the carbon emissio n licensing and trading institution which are market-based measures aimed to reduce carbon emissions has the most widespread impact,and the carbon emissions trading policy has become an important tool to reduce carbon emissions in various countries.China has been the world’s large source of carbon emission,and power generation especially coal-fired power generation is an important source of carbon emissions in China.China’s coal-fired power generation in 2016 accounted for more than 65% of the total generating capacity.With the carbon emissions trading policy’s implementation,correlative companies will change their cost-benefit balance because an additional increase in the cost of carbon emissions,which affecting the enterprise’s power investment options.This paper use the synthetic control method which is based on anti-factual natural experiment to identify policy effect and examine the influence of carbon emission right trade policy.Because the data of the relevant power enterprises with power investment right in each region are difficult to obtain,this paper uses the provincial panel data and makes the implementation of carbon emission rights policy in four pilot areas,Tianjin,Hubei,Shanghai and Guangzhou as natural experiments to research.On the basis of considering the regional development level and coal consumption and other factors,this paper use a number of non-pilot areas to construct a different control group to fit the counterfactual virtual pilot areas,and then identify the effects o f carbon emissions trading policy in the pilot area.And this paper examined the impact of the policy on the power generation technology of the regional power enterprises.The study found that carbon emissions trading policy in improving power generation e fficiency and technical effects in the pilot area is more significant.Power generation of coal consumption rate in Hubei,Tianjin and Shanghai compared to the situation without implementation of the policy,the variables has decreased by 1.01 g/kwh,1.11g/kwh,1.05 g/kwh.The policy had also effected the capacity of coal power and the proportion of power generation.Specifically,the capacity of coal power in Shanghai and the proportion of power generation using coal in Guangdong decreases by 0.111 billion kwh and 3 percent respectively,compared to lacking of policy.And in improving the power investment options that promote wind power investment,the effect is not obvious.