基于期货套期保值策略的电价风险防范研究

Risk Management of Power Market based on Future Hedge

作为一种有效的风险管理工具和交易手段,电力期贷的引入不仅给电力市场参与者提供了在发电量或负荷变化时获利的机会,同时规避了由于实时市场电价的波动给双方带来的风险。合约双方可以利用电力期贷合约进行套期保值,更好地防范和控制风险。本文研究了使风险最小化的最佳套期保值率,并进行了分析说明。最后结合中国的具体情况探讨了电力期贷今后在国内的发展。

As an effective risk management tool and a transaction means,the introduction of power future not only provides opportunity for electric power market participants to earn profit when power generation or power load changes,but also provides a financial tool for contract parties to avoid possible risks due to fluctuation of real time market price.The contract parties can use power future contract for hedging purpose so as to prevent and control possible risks.This paper resents the study on best hedge rate to minimize risk and its explanation.It ends up with a discussion on development of power future in domestic market according to the detailed situation in China.