Research On Investment Decision Of Transmission Network Expansion Based On Financial Transmission Right

China's electric power industry is currently in the process of breaking monopoly,deregulation,introducing competition,and gradually market-oriented.In particular,the No.9 document of the electric reform proposed the reform policy of "three liberalization,one independence,three reinforcements".At the same time,the document determined the reform direction with "the middle of the tube is controlled and the two sides are released."Currently,the power-selling side allows new power-selling entities to enter the market,and at the same time,it is allowed to set up a power selling company outside the power generation company and the power grid enterprise to stimulate the market vitality of the power-selling side.The market competition between the power generation side and the power-selling side requires the power transmission network to be open to the users without discrimination and faimess.A new round of electricity reform has created a more open market environment for the power industry,and it has also brought new challenges and opportunities to the expansion and investment of the power transmission network.The main contents of this thesis include the following six aspects.First of all,starting from the power transmission market in the power market,this thesis summarizes the changes of the transmission market in the process of domestic and international power market reform and the liberalizing trend of China's transmission network expansion investment market.Secondly,this thesis reviews the relevant literatures on financial transmission right and transmission network expansion investment decision at home and abroad,and summarizes the existing achievements.Thirdly,it summarizes the theoretical basis of the thesis research,including market resource allocation theory,welfare economic theory and regulatory economic theory.Then,it analyzes the related problems in the expansion of the transmission network,mainly including the particularity and characteristics of the transmission network expansion,the influencing factors and the decision-making process,and uses the welfare economic theory to analyze the expansion of the transmission network,and combines the two-node simple system to analyze how the finance transmission rights guide and encourage the expansion of the transmission network.Next,due to the particularity of power commodity,the objective function of transmission network expansion investment changes from the general cost minimization or profit maximization to the social welfare maximization.This thesis constructs the transmission network expansion investment decision model by maximizing social welfare as the objective function,and analyzes the model in three scenarios:control type,economy type and containing financial transmission rights transactions.Through the analysis of the example,the thesis draws the following conclusions:The social welfare of the regulatory transmission network expansion investment decisions is optimal,the social welfare of economic transmission network expansion investment decisions has decreased,the investment efficiency of the transmission network expansion investment decision with financial transmission rights trading is the highest.Finally,some suggestions are put forward from the two aspects of financial transmission rights mechanism and transmission network expansion,based on mathematical analysis and case analysis.