The Research Of The Capacity Price Regulation Model Based On Principal-Agent Theory

Our country is trying out energy-saving generation dispatching. If energy-saving generation dispatching is carried out in China, it is necessary to implement two-part electricity price. On the one hand capacity price can help to guide investment; On the other hand capacity price can reasonably compensate power plants for investment costs. At present, there's no capacity market in China. If the two-part electricity price can be adopted, the capacity price should be regulated by government. When the government calculates capacity price, the number of paying capacity should be defined at first. Because the grid corporation has advantage to own more information, the government as a regulator can entrust it to calculate the capacity needed for the next year. Under the situation that there is no linkage mechanism of sale price and capacity cost, in order to avoid own benefit loss and pursue ultimate profit, the grid corporation will possibly provide the high plan of system capacity demand forecast when measure the price and use the low plan when purchase capacity, which may harm the benefit of generation enterprise and consumer. To inspire the grid corporation to improve the accuracy of system capacity demand forecast, a mechanism of the capacity price regulation based on principal-agent theory is designed, and a model is established by introducing quality parameter to regulate capacity price. It can restrict the grid corporation to provide the capacity demand predicted value with high precision, then safeguard the benefit of generation enterprise and consumer and give correct price signals to power source investors.