Research on Hydrogen Energy Storage Participation Strategies in Electricity Market Transactions Under the Influence of Green Bonds

Addressing the high investment costs and market revenue uncertainties faced by hydrogen energy storage projects, this study examines the economic implications of green bond financing on their participation in electricity market transactions. A two-level optimization decision model is constructed: the upper level aims to minimize the total cost over the project’s lifetime by optimizing the proportion of green bond financing, while the lower level aims to minimize daily operational costs by optimizing the hydrogen storage system’s charging and discharging strategy. The model comprehensively accounts for factors including medium-to-long-term contracted electricity volumes, tiered carbon pricing, and forecasting errors for wind and solar generation, utilizing the CPLEX solver for optimization. Case study analysis demonstrates that green bonds can substantially reduce financing costs, achieving optimal net present value within a financing share range of 60–80% and a storage capacity range of 1000–2000 MWh. This enhances the full lifecycle economics of hydrogen storage projects, providing theoretical support for integrated ‘financing–investment–operation’ decision-making.