流域水电公司在电力期货交易下的竞争策略 competition strategies of river-based hydropower companies in electricity futures trading.pdfVIP

第34 卷 第10 期 Voi. 34 No. 10 2006 年10 月 Oct. 2006 研究与创新 流域水电公司在电力期货交易下的竞争策略 胥德武，刘! 东 （上海交通大学 电气工程系，上海 200240 ） 摘! 要：电力期货是规避现货市场风险的有效管理工具，目前国外主要的电力市场均以合约交易为主、现货交 易为辅，实现了现货的价格调节功能与期货的价格风险规避功能的结合，在成熟的合约市场交易基础上出现 了电力期货交易所。在电力期货交易背景下，结合流域水电公司的特点，分析价格风险，结合其收益模型探讨 了流域水电公司在电力期货交易下的竞争策略。 关键词：流域水电公司；电力期货；电力市场 基金项目：国家自然科学基金重点项目）；上海市重点科技攻关计划项目（04 1612012 ） 作者简介：胥德武（1974- ），男，硕士研究生，主要研究方向为电力市场，水力发电。 中图分类号：TM73 ；F129 . 3 文献标识码：A 文章编号：1001-9529（2006 ）10-0001-04 Competition strategies of river-based hydropower companies in electricity futures trading X U De-wu ，LI U Dong （Dept. of Eiectricai Engineering ，Shanghai Jiaotong Univ. ，Shanghai 200240 ，China ） Abstract ：Since the eiectricity futures trading is an effective tooi to avoid risks of spot markets，aimost aii the major o- verseas power markets adopt contract trading as their primary trading method and spot trading as the auxiiiary one，so that they can make use of the price adjustment function of the spot trading and the price risk avoiding function of the futures trading at the same time. The eiectricity futures trading exchange came into being in the mature contract trading market conseguentiy. Based on the characteristics of river-based hydropower companies，the price risks in the eiectricity futures trading are anaiyzed ，and the competition strategies of river-based hydropower companies in eiec- tricity futures trading are discussed according to their profit modeis. Key words ：river-based hydropower company ；eiectricity futures ；power market 利用现货交易的价格调节功能提高资源的配 的水电商在水电比重较大的区域电力市场中占有 置效率是电力市场化的一个重要特点，但由于电 重要地位。