Table 3.

Parameters used in simulation.

Parameters	Notation	Setting
Total power generation	${\overline{Q}}^t$	According to the National Energy Administration's "Letter on the Proposal for the 2021 Renewable Energy Power Consumption Responsibility Weight and 2022-2030 Expected Targets" (hereinafter referred to as the "Expected Targets"), the electricity consumption target for the whole society in 2030 is set as 11 billion MWh [54].
Power generation of other types	$Q^0$	We set the nuclear power generation accounts for 10% of total generation (the expected target of China Nuclear Society and State Grid Energy Research Institute [55]), which is set at 1.1 billion MWh.We set the annual growth rate of gas-fired power generation as 10% after 2019 [53]. Gas-fired generation accounts for 6% of total generation which equals 0.66 billion MWh in 2030.
Coal-fired power generation	$\sum _i\left({\overline{Q}}_i^c\right)$	Coal-fired power generation will increase by 6.2% in 2030 from 2019.
Required ratio in RPS	$GCR$	According to the “Expected Goals”, renewable energy accounts for at least 40% of total generation, of which non-hydro renewable energy accounts for at least 25.9% of total generation [54].
Benchmark in ETS	$e{f}_{i,bench}^c$	The benchmarks are set based on the 2019-2020 national carbon market permit allocation scheme [12]. We retain the differences between the various types, and tighten the benchmarks by multiplying them by a certain proportion, such as 70% and 80%.
Emission factor	$e{f}_i^c$	The emission factor for coal-fired power generation is set as 2.6603 tCO2/MWh. The emission factor for gas-fired power generation is set as 1.6257 tCO2/MWh.
CCER conversion factor	$e{f}_{gc}$	According to the substitutions between renewable energy power generation and coal-fired power generation, we set the conversion factor as 0.8 tCO2/MWh.
Price of permit in ETS	P	The exogenous carbon market price is set as 200 yuan/tCO2, and the equilibrium price of green certificate is set as 160 yuan/MWh.