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Highlights • A DEED model has been developed under UK EMR in Sheffield region. • Total cost increases dramatically due to the CPF applied. • The EPS dominates the dispatch before 2020, then the wind power has higher impact. • The emissions reduction in the Go Green scenario is higher than the cost reduction. • The renewable power has the superiority to a mid to long-term energy strategy. Abstract With the increasing issues in the environmental and the high requirement for energy, the Energy Market Reform (EMR) was introduced by the UK government. This paper develops a novel Dynamic Economic and Emission Dispatch (DEED) model for a combined conventional and wind power system incorporating the carbon price floor (CPF) and the Emission Performance Standard (EPS) that is supported by the EMR. The proposed model aims to determine the optimal operation strategy for the given system on power dispatch taking into account wind power waste and reserve and also the environmental aspect, especially the CPF of greenhouse gases and the emission limit of the EPS for different decarbonisation scenarios. Case studies for the demand profile in the Sheffield region in the UK with different time intervals is presented. The results indicate that renewable power is superior in both the economics and emissions to a mid to long-term energy strategy in the UK. [ABSTRACT FROM AUTHOR]