Market-Oriented Transaction Rules and Policy Orientations of China’s New Power System Under Electricity–Carbon–Green Certificate Market Synergy

Developing market-oriented transaction rules for a new power system with electricity–carbon–green certificate synergy is a key support for promoting the green and low-carbon transformation of China’s energy sector. Based on the literature review and policy analysis methods, this paper systematically examines the evolutionary characteristics of market-oriented transaction rules in the new power system, analyzes the operational status and core issues of the electricity market, carbon market, and green certificate market, deeply interprets the synergy logic and institutional connection points of the electricity–carbon–green certificate trinity, and clarifies the shortcomings of current research and future research directions. The study finds that, according to existing literature, the market-oriented transaction rules of the new power system have shifted from “market construction” to “rule synergy”. Although the three markets have established basic operational frameworks, each still faces distinct institutional constraints, and the effectiveness of their coordination depends on market access and participant inclusion, price formation and value transmission, electricity–carbon–green certificate coordination, and cost allocation and settlement governance. Effective coordination also requires safeguards against carbon price dilution, duplicate environmental-attribute claims, and cross-market risk transmission.