Calculating Regional Carbon Emissions in Power Systems Incorporating Timestamped Renewable Energy Certificates

The global decarbonisation of power systems necessitates precise carbon accounting methodologies, particularly as Renewable Energy Certificates (RECs) evolve from annual attribution to timestamped granularity. This study establishes a dynamic matrix-based framework to quantify regional carbon emission factors by integrating timestamped RECs with power system operations. Addressing critical gaps in existing approaches, the proposed model formally reconciles the temporal coupling between certificate validity windows and grid dynamics, differentiates bundled/unbundled REC mechanisms through distinct mathematical formulations, and enables real-time emission factor computation at REC transaction resolution. Crucially, the framework captures non-linear hybrid-REC effects and systemic spillovers on non-participating regions while preventing double-counting through rigorously derived coupling equations. Validation on an IEEE 5-bus system demonstrates the model's capability to reveal non-linear redistribution patterns of carbon emissions with spillover effects in third-party regions caused by REC trades in power systems. The results challenge conventional REC accounting paradigms by demonstrating that hybrid REC strategies generate emergent behaviours irreducible to either bundled or unbundled REC mechanism in isolation. This work provides policy makers and market operators with a foundational tool for transparent carbon accounting, supporting emerging needs including time-resolved green procurement, dynamic carbon tariffs, and spatially-granular renewable integration strategies essential for next-generation power systems.