我国电力中长期交易与电力期货交易差异性分析

Analysis on the Differences between Mid-and Long-term Electricity Trading and Electricity Futures Trading

为应对市场主体对收益锁定的诉求不断增加的问题,基于目前国内主流的中长期交易合约执行方式以及市场运行规则,与期货交易基本特征进行差异性对比,同时结合案例进行分析,得出我国中长期合约与期货交易在基本特征上存在较大差异,但在保证金机制、对冲机制上存在部分共性。通过案例分析认为,两种交易均能较好地锁定预期收益,但是期货交易博弈空间更大,存在较大风险。

In response to the increasing demands of market entities for revenue lock-in,based on the current domestic mainstream medium and long-term trading contract implementation methods and market operating rules,the differences are compared with the basic characteristics of futures trading.At the same time,combined with case analysis,it is concluded that my country’s The basic characteristics of long-term contracts and futures trading are quite different,but there are some commonalities in the margin mechanism and hedging mechanism.Through case analysis,it is believed that both types of transactions can better lock in the expected return,but the futures transaction has a larger game space and there are greater risks.