售电市场基于差价合约的风险管理和市场规制研究  

Research on risk management and market regulation in electricity sales market based on contract for difference

作　　者：高天华 蒲勇健[1] GAO Tianhua;PU Yongjian(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China;Faculty of Management and Economics,Kunming University of Science and Technology,Kunming 650093,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]昆明理工大学管理与经济学院,云南昆明650093

出　　处：《管理工程学报》2025年第3期153-163,共11页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金项目(71673034)。

摘　　要：本文将利用差价合约改进现有中长期交易机制,以管理售电市场的价格风险,同时通过博弈分析设计合理的差价合约,以规制售电侧改革后出现的寄生售电公司。研究表明:(1)寄生售电公司的出现提高了发电商的抗风险能力,但抑制了差价合约管控风险的作用;(2)差价合约能促进发电商参与月度市场,降低寄生售电公司的市场份额,从而引导其退出市场;(3)本文设计的差价合约能提高市场公平性,且合约电量的增加将降低合约电价,如此可为独立售电公司管控更大范围的价格风险;(4)监管部门可通过合约电量的比例调节市场均衡,并降低市场均衡电价。In 2015,China initiated a fresh wave of electricity market reform known as the“power-sale-side reform”,aiming to bring in competition in the link of power sales to lower electricity prices and stimulate economic growth.The power-sale-side reform has yielded substantial benefits,effectively reducing energy costs for power-consuming enterprises.However,the swift marketization of the electricity market has also amassed considerable risks,such as the nationwide power shortage in the latter half of 2021.In addition to external factors like fuel price fluctuations and supply-demand mismatch,the underlying causes can also be attributed to the trading mechanisms that came into being following the power-sale-side reform.Therefore,diving into price risk management from the perspective of trading mechanisms plays a crucial role in steadily advancing the electricity market reform.In the wake of the power-sale-side reform,the market has been primarily dominated by two types of companies:parasitic electricity retailers and independent electricity retailers.Parasitic electricity retailers are transformed from the marketing departments of power producers and are capable of procuring electricity at low costs.During the initial stage of the reform,parasitic electricity retailers were completely stripped from the parent companies in terms of business,financials,and more.So their costs could still be ascribed to the parent companies.This,in theory,made their marginal costs nearly negligible,affording them an absolute price edge in market competition.Independent electricity retailers are established with private capital investments.While they may lack a price advantage,they can offer users a variety of value-added services,such as energy conservation management and tailored electricity offerings,thereby lowering transaction costs for users procuring additional electricity services.In contrast,parasitic electricity retailers do not have the resources and teams to provide these value-added services,resulting in respective competiti

关 键 词：售电市场 Rubinstein讨价还价 差价合约 价格风险 

分 类 号：F272.3[经济管理—企业管理]