Research On The Design Of Yunnan Electric Power Financial Market System

Since the reform of electricity marketization in 2014,after 5 years of marketoriented reforms,Yunnan has established a "Yunnan model" with medium and long term transactions as the mainstay and supplemented by previous transactions.However,the current Yunnan electric power market has problems with the physical implementation of medium and long-term contracts,the contradiction between physical delivery and grid security,and electricity price fluctuations.The demands of market participants for building electric power financial markets are becoming more and more urgent.How to build an electric power financial market system suitable for Yunnan based on the existing market in Yunnan will become very important.Therefore,this paper takes Yunnan's current power market as a starting point and conducts a detailed analysis of the relevant elements of the design of the power financial market in an attempt to build a power financial market system suitable for Yunnan.This article mainly studies the following contents: The first part introduces the background and significance,content and methods,innovations and insufficient research of the thesis.The second part sorts out relevant domestic and foreign literature from three perspectives: electricity marketization and electricity financial market,electricity financial market model,electricity financial market products,and electricity financial market risk management,and summarizes the main contents and directions of current electricity financial market research.The third part makes a comparative analysis of mature foreign power financial markets and points out the prerequisites and development logic for developing the power financial market.The fourth part analyzes the current power market system in Yunnan and points out the current problems in the Yunnan power market and the necessity of developing the power financial market.The fifth part studies the design of Yunnan electric power financial market from four aspects: the basic idea of electric power financial market development in Yunnan,electric power financial market model,electric financial market products,and electric power financial market risk management mechanism.The sixth part is the conclusion and prospect.This article draws the following conclusions on how to build the Yunnan power financial market:(1)The construction of Yunnan's electric power financial market should be “based on Yunnan,facing the country,and docking overseas”,and adhere to the development thinking of “spot trading is the main,financial transactions are the supplement”.(2)The Yunnan electric power financial market should choose an integrated model,that is,the electric power trading center is the main body to construct the Yunnan electric power financial market,so that spot electricity trading and financial trading coexist.(3)In the early stage of the development of the Yunnan electric power financial market,a bilateral CFD filing and settlement mechanism may be considered to transition from a free bilateral CFD to a standard CFD.With the development of the market,power futures,power options,and financial transmission rights are gradually introduced and other financial derivatives.(4)In order to meet the risk management needs of the power financial market,the Yunnan power financial market can make corresponding institutional arrangements through the power trading center's self-management,credit management,and the establishment of a deposit system(currently restricted by law).