中文摘要：

金融输电权可以规避由于输电阻塞导致的区域价格风险,但同时也带来了一系列新的纵向市场力问题。介绍了金融输电权理论,重点应用博弈论研究了发电商与负荷地理位置相同和不同两种情况下,金融输电权对发电商市场力的影响度问题。分析了输电容量、输电份额、需求弹性、发电成本等与这种影响度的关系。结果表明：金融输电权可以大幅度降低电力出口区发电商的市场力,略微提高电力进口区发电商的市场力。

英文摘要：

Financial transmission rights（FTR） provide a financial tool for market participants to hedge against price risks due to transmission congestion. But at the same time, it gives rise to problems of vertical market power. Firstly, the concept of FTR is introduced. Then, based on game theory, the influences of FTR on intrinsic market power are researched in the two situations that the locations of generators and load are the same or not. Finally, the relationships between the influences and the transmission capacity, elasticity of demand, cost function coefficients are discussed. The results show that the FTR can mitigate the market power of generators in an exporting region markedly, while the FTR can increase the market power of generators in an importing region slightly.