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In the context of global warming and energy scarcity, regional integrated energy system (RIES) can effectively improve energy utilization efficiency and reduce carbon emissions. However, this leads to the increased complexity of the market transactions. To this end, based on the mixed game strategy, a multi-agent low-carbon optimal dispatch model of RIES is proposed in this paper. Firstly, to fully consider the low-carbon objective of the system, a reward and punishment ladder carbon trading mechanism and a ladder integrated demand response (IDR) model are developed. Then, the decision models of the energy management operator (EMO), multiple energy hub agents (EHAs) and the user load aggregator (ULA) are constructed respectively with the goal of economy, and carbon emission flows are introduced as constraints. The interactive trading process of various stakeholders is simulated by a mixed game with master-slave game nested bidding strategy. Finally, the economics and carbon emissions of the system in different scenarios are analyzed by examples, and the effectiveness of the proposed model is verified. Numerical simulation results show that the proposed method not only has good economic and low-carbon environmental protection benefits, but also ensures the interests of various stakeholders. • A multi-agent energy trading mechanism is proposed to realize low-carbon operation. • A ladder integrated demand respond model considering carbon compensation is developed. • A multi-agent optimization strategy based on mixed game is proposed. [ABSTRACT FROM AUTHOR]

This study explores the impact of political uncertainty on sustainable urban development by examining carbon emission trading systems (ETS) in four major markets in China (Beijing, Shanghai, Guangdong, and Hubei) from 2014 to 2022. As an alternative to carbon taxes, carbon ETS markets have become increasingly popular due to their success in reducing greenhouse gas emissions. However, their effectiveness is often hindered by political instability and uncertainty. Utilising logistic regression and AR(1)-GARCH estimations, we identify a negative relationship between political uncertainty and carbon trading volume. Our study also reveals significant variations in the responses of these markets to political uncertainty. The paper contributes to the understanding of how ETS markets operate in a complex and constantly changing political environment. We suggest that policymakers need to consider the impact of political uncertainty on carbon trading when designing and implementing urban policies that promote sustainable development. Additionally, our research contributes to the development of urban policies that can be effectively implemented in both developed and developing regions. • Local government official turnovers are used as the measurement of political uncertainty. • Daily transaction data from four carbon ETS markets (Beijing, Shanghai, Hubei and Guangdong) in China • Considered the probability and proportion of zero transaction day • Logistic regression and AR(1)-GARCH estimations • A negative relationship between political uncertainty and carbon transaction volume [ABSTRACT FROM AUTHOR]