电力期货是规避现货市场风险的有效管理工具,电力期权是有效的电力价格风险管理工具,两者均已在欧洲和美国电力市场引入。美国、英国、澳大利亚等国主要的电力市场均以合约交易为主,现货交易为辅,实现了现货价格调节功能与期货价格风险规避功能的结合,介绍了国际电力金融市场的运作和管理模式,分析了欧美各国电力市场开展和运行的经验和教训,提出先开展差价合约,远期合约,逐步过渡到实现“以合约交易为主,现货交易为辅”的全面市场化目标。
The electricity futures, which is an effective tool to avoid spot market risks, and the electricity option, which is an effective tool for price risk management, are already introduced into the European and American electricity markets. Taking the contract transaction as the major trading method while taking the spot transaction as the auxiliary one, the electricity markets in the USA, United Kingdom, and Australia have all combined the price regulation function through spot transactions and the price risk elusion function through futures. The operation of the international electricity financial markets and their management modes are presented, and relevant experience and lessons are analyzed. Based on that, suggestions on Chinese electricity market construction are proposed: firstly develop the contract for difference, then the forward contract, and gradually transit into the target of "taking the contract transaction as the major trading method while taking the spot transaction as the auxiliary one".