PJM电力期货交易经验及对中国电力期货市场建设的启示

PJM Electric Future Trading Experience and Its Enlightenment to Electric Future Market Construction in China

当前我国电力市场改革已进入电力现货市场建设阶段,由于电价波动剧烈、电力无法储存等原因,市场参与者面临多种风险,而电力期货可以帮助市场主体有效规避多种风险,建立电力期货市场的任务越来越紧迫。为此,以美国PJM电力市场为例,总结其电力期货交易组织方式及电力期货合约条款内容,结合我国电力市场改革特点,对我国电力期货市场建设提出建议:①逐步建立完善电力期货市场监管规则;②逐步推出多元化的电力期货合约类型;③根据电力期货市场阶段及电力市场模式选择交割方式;④通过试点方式减小电力期货市场建设风险。在不同阶段针对不同市场主体规避电力市场风险的需求,建立机制逐渐合理化、产品体系逐渐丰富化、交易主体逐渐多元化、设施逐渐完备化的电力期货市场。

At present,electricity market reform in China has entered into the construction stage of electric spot market.Due to reasons such as severe fluctuation of the electricity price and inability to store electricity,the market participants face a variety of risks,while the electric futures can help market entities effectively avoid various risks.The task of establishing a power futures market becomes more and more urgent.Taking PJM power market in America as an example,this paper summarizes the organization mode of power future trading and the terms of power future contract.Combining with the characteristics of China’s electricity market reform,the paper proposes some suggestions for the construction of China’s electric future market,including gradually establishing and improving the supervision rules of the electric future market,gradually introducing diversified types of electricity future contracts,selecting the delivery mode according to the stage and mode of electric future market,and reducing the risk of electric future market construction by the pilot way.It also proposes to avoid the risk of electric market according to the requirements of different market entities in different stages,and establish the electric future market with gradually rationalized mechanism,gradually enriched product system,gradually diversified trading entities and gradually completed facilities.