Abstract:To achieve emission peak and carbon neutrality, it is a crucial mean for the power industry to build a new power system and accelerate the energy revolution. “Double-high: High penetration of renewables and inverters” trends are leading to the transition of the power system from deterministic power balance named as source following load to probabilistic power balance named as synergy source–grid–load–storage; from high rotational inertia system dominated by mechanical electromagnetic systems to low inertia system dominated by power electronics. It is inevitable that higher requirements will be placed on multiple aspects of the power system, including generation, transmission, distribution and consumption.This paper expounds the contribution of new power system to emission peak and carbon neutrality in the perspective of the effectiveness of China’s low carbon power transition and the current state of national carbon emissions in recent years. On this basis, the key technologies for constructing new power system are discussed from four dimensions of safe operation, reliable power supply, economic efficiency and digital intellectualization. The main challenges to be faced in building new power system are summarized in nine aspects, such as complication of stability issues, safety precautions to be strengthened, flexible resource diversification, flexible operation mode, high-quality power supply, diversified market mechanism, efficient energy utilization, digitalization of energy ecology, intelligent operation and control. The new power system will focus on replacing fossil energy with renewable energy in power generation, and promoting electrification on the power consumption side to reduce carbon emissions. And there is an urgent need to consider the following four dimensions. 1) Safe operation is fundamental prerequisite. As the dynamic characteristics of the new power system change and the evolution mechanism is unidentified, it is not only necessary to deal with the challenges caused by various new stability problems, but also to deal with the severe challenges of insufficient voltage and frequency support and the imperfect response measures. 2) Reliable power supply is core objective. The problem of power balance caused by the volatility and intermittency of new energy generation requires more flexibility resources to participate in the power balance regulation of the power system, and also requires higher flexibility of the power system to coordinate the flexibility resources of all parts of the system to ensure reliable and high-quality power supply of the power system. 3) Economic efficiency is inevitable requirement. At present, there is still no reasonable electricity market mechanism and carbon market mechanism as an effective means to improve the economic efficiency of power system. There is still much potential to improve the energy efficiency of China in all aspects of source, network, load and storage. 4) Digital transformation is critical Support. The power industry needs to transform the production and management mode through digital technology and intelligent control technology. Besides, the integration innovation and practical application of technologies such as big data, cloud computing, internet of things, Artificial Intelligence, mobile internet, blockchain in the field of energy and power also face many challenges. Planning, designing, constructing and operating the new power system dominated by renewable energy need new theories, new technologies, new markets and new policies to study the stability mechanism and safety precautions in safe operation, excavate the flexible resources and maintain the reliable power supply, design reasonable power market and carbon market mechanism, continuously improving the efficiency of energy production–transmission–storage–conversion–consumption, and finally achieve the goal of transitioning from a high-carbon power system to a deep low-carbon or zero-carbon power system.