Research On Regulatory Cost And Regulatory Revenu In The Transmission And Distribution Price Design

In March 2015,a new round of power system reform was reloaded with the introduction of the “Opinions on Further Deepening the Reform of the Electric Power System”(No.9).China has currently completed the separation of power generation side,and transmission and distribution are still one link.Therefore,releasing electricity market,introducing competition mechanism,and the transmission and distribution price reform have become the core of this reform.The efforts and practical operations of this transmission and distribution price reform is strong.So far,the transmission and distribution price reform has been covered to 18provincial-level power grids and a regional power grid,and the relevant supporting measures are also being improved.Cost and revenue control mode is implemented in China.In this mode,regulatory cost and revenu are the key parameters to affect the transmission and distribution price.From the perspective of practical needs,there are some urgent problems on regulatory cost and revenu to be solved in the transmission and distribution price calculation process with the continuous expansion of the reform.From the perspective of theory analysis,the existing literatures mainly focus on the selection and improvement of the transmission and distribution price control model;since the implementation of electricity reform,the latest literature mainly focus on this research,including the analysis of the effectiveness of existing reform,corresponding countermeasures and suggestions and so on.In view of this,the current literature lacks the relevant practical research on the implementation of cost and revenue control mode,which can not meet the practical demand of transmission and distribution price estimation in the current.Therefore,this paper studied the regulatory cost and revenu based on the pilot reform program and the actual situation of a provincial power grid company.This study has both practical and theoretical significance.The main content of this paper was divided into two parts: theoretical analysis and empirical analysis.In the theoretical analysis part,this paper analyzed the existing literature,the basic theory and the cost and revenue control mode.By combing the relevant literatures,Based on the actual situation of China,this paper analyzed two key parameters as well as the specific factors that affect the level of the key factors,which lied the foundation for the following empirical analysis.In the empirical analysis part,this paper analyzed the specific parameters that affect the regulatory cost and revenu from the meaning,scope and level sides,based on the transmission and distribution price reform pilot scheme and actual situation of a provincial power grid company.Allowing cost consists of depreciation and operating and maintenance fees.It is found that the pricing depreciation rate and operation and maintenance fee limited by the pilot scheme were low,and were far from the actual situation of the grid enterprises,which was not conducive to the sustainable development of the power grid enterprises.After analyzing the economic service life level and the investment demand of the fixed assets of China's power grid enterprises,the conclusion that China was suitable for higher pricing depreciation rate was obtained.This paper put forward some countermeasures and suggestions,such as strengthening the internal control of enterprises and designing financial accounting system that is adapted to the regulatory model.Allowing benefit consist of effective assets and return on investment.In the pilot scheme,the definition of the effective assets was not clear,which resulted unclear relationship between some specific assets,such as internal power plants,UHV and auxiliary assets,and transmission and distribution business in the actual calculation of transmission and distribution price.In order to meet the practical needs,this paper proposed to define the scope of the effective assets which can be accrued in more detail,and can be accounted for in different proportions based on the direct or indirect relevance.On the investment rate of return,it was unreasonable that pilot program made the weighted average capital cost as allowing rate of return on investment,because the level of ROI was low,and the gap between the capital market level was large,which can not meet the investment needs of enterprises.This paper chose electricity heat production and supply,gas production and supply and water production and supply as analogy industries.Based on the capital asset pricing model and investment decision theory,the author made the average investment cost of the analogy industries as the lower limit,the investment return rate as the upper limit,determined the reasonable investment return rate of power grid enterprise: [7.45%,9.43%],which can provide reference for the regulators.