| Although China have achieved certain results after the beginning of the electric power industry reform in the late 1990s.Considering the experience of foreign practice in the same area, there is still need for regulation system reform to go with the electric power market reform. The frontier issue of regulatory reform is to search for a regulation mode that can make supervised enterprises to improve efficiency, social welfare as well as the quality of power supply, under the current situation of a growing demand for better power quality, reliability and quality of service. Therefore, the study of optimal regulation model based on quality of power supply in the electric power market environment in China is of great theoretical and practical significance for the maintenance of normal market operation and the promotion of power industry regulatory reform.Based on the evaluation and comparison of the traditional regulatory approach and the incentive regulation model, and the analysis on the factors affecting quality of power supply, the optimal regulatory approach considering quality of power supply is studied, while the complete content of quality of power supply, regulation index system and evaluation model of quality of power supply, and price regulation model based on the quality of power supply are given. Meanwhile, the empirical study is carried out based on the case of a certain area. Finally, the implementation program and regulation recommendations of pledging for China's basic service of electric power are proposed in this paper.The main research findings and innovations of this paper:1. Traditional regulation and incentive regulation modes are analyzed and compared with each other, including detail advantages and disadvantages of their effects on the regulated enterprises'efficiency and investment, etc, while at last, incentive regulation mode is concluded to be the better one.2. Models are established on the basis of price cap regulation and traditional cost regulation, and the effects of some factors, such as regulation model variation, regulation period length, complementarities of quality of power supply attributes, and incentive intensity of regulation contract on investment of power supply quality are analyzed.3. As the current concept of power supply quality is not clear, study in this paper presents the complete content of power supply quality under China's power market conditions, basedon which the regulation index systems of power quality, reliability, and service quality are designed according to the actual situation of our country. A dynamic development perspective of the establishment and improvement of power supply quality regulation index systems is proposed. Based on the comparison of several evaluation models, comprehensive evaluation model and factor model of power supply quality are constructed. And by taking an empirical of a power supply enterprise, power supply quality factor is estimated while validity of the model is certificated.4. The optimal regulation model based on power supply quality is given in this research, and the model of price cap with yardstick competition is suggested. Moreover, power supply quality factor is brought into price regulation model, including the method of establishing each parameter. This model, unlike the foreign studies and practice, combines economic efficiency of power grid enterprises regulated and their integrated actual performance of supply reliability, power quality and customer service quality, and quality performance standards are set by the actual performance of regulated enterprises as well as other enterprises of the same type using yardstick competition measure. The proposed regulation model would not only encourage enterprises to improve efficiency, but will also improve power supply quality.5. The implementation project and regulation proposal are brought forward on the basis of thorough research and analysis on China's basic service of electric power condition.
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