Research On Synergy Mechanism Of Power Market And Thermal-coal Market Of China

Thermal-coal is the upstream of coal power supply chain,and power is closely related with thermal-coal market operating conditions. With the background of the obvious conflict between power and thermal-coal industry in China, this paper aims to study ways to realize synergy mechanism of power market and thermal-coal market of China from the perspective of cooperative development of power and thermal-coal market, which conscientiously implemented the relevant national energy policy and adhered to scientific development view. This paper mainly studies three key synergy relationships and market regulation of power market and thermal-coal market, including:(1) The price synergy between power market and thermal-coal market in China; (2) The trading synergy between power market and thermal-coal market in China; (3) The risk synergy between power market and thermal-coal market in China; (4) The market supervision of power market and thermal-coal market in China. According to China's development conditions of power market and thermal-coal market, this paper researches and builds power market and thermal-coal market synergy mechanism of China including price synergy, transactions synergy and risk synergy, and propose market regulatory framework and model. And example and simulation results show the effectiveness of power market and thermal-coal market synergy mechanism and market regulation model proposed in the paper. These achievements presented in this paper are important for us to conduct power and thermal-coal trading orderly and improve the construction of power market and thermal-coal markets.Based on the summary and analysis of the theory studies and the practice at home and abroad, the paper applies synergy theory in power market and thermal-coal market, and considers coordination development methods of power market and thermal-coal market. This paper concludes with four innovation achievements as follows:(1)The paper presents a collaborative approach for power market and thermal-coal market in the transitional period -thermal-coal and power price modified model and method considering the market behavior and CPI. Based on supply and demand relation, it allows thermal-coal price has reasonable fluctuations and the fluctuations timely reflected in power tariff, and conducted through the correction of terminal sale electricity price conduction. We choose 3% and 5% as the terminal electricity price modify route. When forecasting CPI is greater than 3%, power cost change caused by the coal price fluctuations should be conducted only through the terminal sale electricity price linkage of export-oriented manufacturing enterprise and alleviate domestic inflation pressure through exporting products. When CPI is greater than 5% and thermal-coal prices rose more than 15%, the government regulators and the price management department should apply temporary price-intervention policy in order to contain thermal-coal prices rise further more.(2) The paper presents transaction collaborative mechanism for the mature power market and thermal-coal market-setting the authoritative price through the cooperation of the spot market trading, forward market trading and futures market trading under complete systems of power market and thermal-coal market. According to trading characteristics of power and thermal-coal, the paper designs thermal-coal futures contract and presents delivery data center of thermal-coal future, and then establishes thermal-coal futures trading model, including auction trading model, continuous auction trading model, market maker trading model. This is of theory value for designing reasonable thermal-coal market and improving thermal-coal market system and playing a role of synergistic action of spot market, forward market and futures market trading in power market and thermal-coal market.(3) About the driving force of the the market, this paper shows a mechanism analysis of the power market and thermal-coal market applying synergistic action, servo principle and self-organization dynamics model of synergy theory, establishes the risk synergy model of power and thermal-coal market and brings forward the concept of "reserve merchant". According to the regulating role of the "reserve merchant", we can ease the market price and contain the market risk. Hence we gave a new idea for power and thermal-coal market risk management in our country.(4) Taking coal resource integration as the background, the paper establishes the market supervision structure, and then points out the necessity of Chinese power market and thermal-coal market supervision and put forward thermal-coal market supervision model, and then put forward the suitable model,,setting price, transaction and risk supervision for power and thermal-coal market. Integrating price synergy mechanism during market transition, the paper presents a new kind of price supervision method and simulating under the regulating role of the "reserve merchant". The coal resources integration easy to form conspiring alliance, this paper analyzed the results that market trading behavior influence transaction price, and then discusses our country thermal-coal market supervision model in order toprovide power market and thermal-coal market more direct and effective market supervision measures. Based on structure and characteristics of power and thermal-coal market, three level risk control mode is proposed:the government regulators, trading center and industry association. And from the angle of the entire thermal-coal supply chain and industry chain, we proposed the constructive suggestion of market supervision for power market and thermal-coal market.