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The existing literature demonstrates that the multi-energy combined power-dispatching system is crucial for resolving the mismatch between the installed capacity and the power generation through renewable energy. However, our knowledge of the impact mechanism of climate policies on this system is still limited. To address this gap, cost-accounting models that consider price fluctuation based on carbon emissions trading and renewable portfolio standards in China are proposed and applied to the integrated wind–photovoltaic–thermal power-dispatching system in Xinjiang. The scenarios analysis showed that in terms of reducing emissions, carbon emissions trading is more effective in cases with a high installed proportion of renewable power, whereas renewable portfolio standards are the opposite, as they are better in two cases in terms of energy saving. The sensitivity analysis indicates that the effect of renewable portfolio standards on the penetration rate of renewable power is constant. There is some potential for the design optimization of these two policies in China, and the characteristics of the power structure should be considered. These results can help the dispatching department in evaluating the impact of carbon emissions trading and renewable portfolio standards to optimize the dispatching strategy and provide directions for policy makers to improve the design. • Explore the interaction of carbon emissions trading and renewable portfolio standards. • Build costs accounting models for climate policies based on fluctuating price. • Analyze the dual effect of the policies in different hybrid power dispatching systems. • Propose policy recommendations to promote the application of policies in China. [ABSTRACT FROM AUTHOR]

• Establishing a dispatch model for integrated wind-photovoltaic-thermal power system. • Dynamic carbon emissions trading system applications in power market is considered. • Comprehensive benefits of five dispatch modes are compared. • Optimal mode was investigated using case study transmission project (China). To transmit renewable energy on-grid over a large-scale power transmission system, an optimal dispatch model for a multi-energy power generation system is essential. This paper proposed a multi-energy hybrid power dispatch model for an integrated wind-photovoltaic-thermal power system. We consider five different dispatch modes and a dynamic carbon emissions trading system. Design of the modes was based on dispatch objectives. Power dispatch was based on interactive planning of power units and carbon emissions trading. To compare the modes, a comprehensive benefit evaluation index for dispatching is established. The proposed model was applied to supporting power supply system of the Tianzhong ultra-high voltage direct-current transmission project in Xinjiang, China. The results confirmed that high-efficiency mode is an optimal dispatch mode for the power transmission system, and has the most significant benefits. The impact on the optimal mode of the renewable energy penetration rate and carbon emissions trading system, as the two main factors, were further investigated. It was found that high-efficiency mode could maximize existing renewable energy generation and reduce coal consumption and carbon emission used for power generation and has a positive effect on carbon reduction. However, initial quotas need to be controlled more strictly than prices. [ABSTRACT FROM AUTHOR]