重构南方区域电力中长期市场:(二)国外金融输电权市场实践经验综述及其启示

Reconstruction of Regional Electricity Forward Market of Southern China: PartⅡ Review of Foreign Practical Experience on Financial Transmission Rights Market and Its Enlightenment

金融输电权是对冲阻塞风险、分配阻塞盈余的有效工具,现已被应用于多个国家或地区的电力市场。基于文献综述和分析市场运行数据的方法,首先针对国外金融输电权的合约、初始分配机制和二级市场交易机制,总结了其设计思路和实践效果;随后围绕金融输电权市场的两大前沿问题进行评述,包括实时阻塞盈余为负和拍卖出清价格被系统性低估的问题;最后,结合南方区域电力中长期市场的实际情况,阐明引入金融输电权的必要性,并就合约设计和初始分配机制,提出了若干政策建议。

The financial transmission rights is an effective tool to hedge the congestion risk and allocate the congestion surplus, and has been applied in the electricity market of many countries or regions. Based on the method of literature review and market data analysis, firstly, this paper summarizes the design and practical experiences of the contract, initial distribution mechanism and secondary market mechanism of foreign financial transmission right market. Then, two frontier problems of this market are discussed, including the negative real-time congestion surplus and the systematic undervaluation of the auction price. Finally, combined with the situation of regional electricity forward market of southern China, the paper clarifies the necessity of introducing the financial power transmission right, and some policy suggestions on the contract design and initial distribution mechanism are put forward.