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The switch of coal to gas in power generation enterprises is of great significance for tackling air pollution and mitigating climate change. Under China's emissions trading system, power generation enterprises have incentives to switch to low-carbon clean power, and the cost-benefit of switching is the basis of their decision-making. To this end, this paper studied the impact of changes in carbon and fuel prices on switching prices. The results show that: (1) For per yuan increase in the amount of natural gas, coal, and carbon, the switching price increased 4.768, decreased 5.845 and decreased 0.9994 yuan, respectively. (2) The carbon price is relatively low, and the impact of it on switching price is small. (3) The fluctuation in the carbon price, coal price and the natural gas price has a hysteresis effect on switching price. [Display omitted] • This study assesses the coal-to-gas switch possibility in Guangdong Province. • A new mode of operation of coal-to-gas switch is published. • For per yuan increase of carbon price, the switching price decreased 0.99 yuan. • The impact of carbon price fluctuations on switching price has a lag effect. [ABSTRACT FROM AUTHOR]