| The construction of China’s electricity spot market lags behind the construction of medium and long-term electricity market.Therefore,after the pilot construction of spot market,there is a lack of coordination between the two market mechanisms.Therefore,this paper carries out a systematic and in-depth study on the medium and long-term electricity trading mechanism in coordination with the spot market,focusing on the transaction organization and product design,in order to provide theoretical methods for the design of China’s medium and long-term electricity trading products and promote the scientific development of China’s medium and long-term electricity market.On the basis of summarizing the international experience of electricity market and analyzing the interaction mechanism between spot market and medium and long-term market,this paper puts forward the improvement path of medium and long-term electricity trading mechanism in coordination with the construction of spot market in China,and puts forward a corresponding standardized design method of medium and long-term electricity trading productsFirstly,the international electricity and its derivatives trading market are summarized,and the experience that can be used for reference by China is refined.This paper introduces in detail the electricity futures market trading mechanism,on-site electricity energy trading mechanism and off-site electricity energy trading mechanism in the typical international electricity market practice,and summarizes the experience that can be used for reference in the design of China’s electricity medium and long-term trading mechanism.Secondly,the interaction mechanism between spot market and medium and long term market is analyzed.On the basis of expounding the basic theory of electric energy market,based on the optimization theory,risk management theory and market equilibrium theory,this paper explores the relationship between the spot market price and the medium and long-term market equilibrium,as well as the influence of medium and long-term trading contract on the spot market equilibrium,and demonstrates the necessity of the setting delivery time and delivery power in the medium and long-term trading contract.Then,the improvement path of the medium and long-term electricity trading mechanism to promote the construction of China’s electricity spot market is proposed.Thirdly,the design method of time scale of standardized trading products is proposed.Based on the design principle of considering both the risk management demand and market liquidity of market participants,this paper quantitatively describes the principle of ensuring market liquidity by minimizing the number of trading products,and quantitatively describes the principle of satisfying the risk aversion degree of market participants by maximizing the coverage rate of medium and long-term trading products,and puts forward the design method of three stages:(1)calculating the optimal division of delivery time;(2)making a preliminary determination of the trading product portfolio;(3)designing supplementary trading products.The corresponding mathematical programming models are established for each stage,and the effectiveness of the proposed design method is verified by an example. |
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