Construction And Effectiveness Of Electric Power Financial Market

With the development of electric power system reform in China,the electricity spot market will be established gradually.However,due to the particularity of electric power commodity(the instantaneous balance of supply and demand and the inability to store large-scale),the price of electric power spot market fluctuates greatly,which will bring huge risks to the electric power enterprises.Power market participants need management tools that can effectively avoid future electricity price risk,and power financial market has the functions of price discovery,hedging,etc.establishing power financial market is an inevitable option for deepening the reform of power system.Efficiency is the premise of market design.The efficiency of power financial market is related to the function of market.Therefore,in the context of the continuous promotion of the spot market of electric power,it is of great significance to study how to build the electric power financial market and how to assess and evaluate the effectiveness of the electric power financial market for the formation of a sound and reasonable electric power market system.Firstly,based on the introduction of the power financial market system of typical countries,this paper sums up and compares the experience of power financial market and power market system,power financial market trading mechanism,power financial derivatives design and other aspects,and summarizes the reference for the construction of power financial market in China.Secondly,the paper analyzes the current situation and future characteristics of China’s power market reform to meet the demand of power financial market.Combined with the relevant experience of typical countries,it puts forward the phased goal of China’s power financial market,and designs the development path and realization mode of China’s power financial market on the basis of considering the demand of-risk aversion of the main body of the power market.Thirdly,the paper studies the effectiveness of power financial market from two aspects:the effectiveness assessment of power financial market construction scheme and the effectiveness evaluation of power financial market operation:considering the factors of product,technology,market coupling.adaptability of participants,transaction cost,etc.,the paper constructs the effectiveness assessment model of power financial market by using fuzzy comprehensive evaluation theory;considering the efficiency of the power financial market and its factors such as hedging and price discovery,an econometrics and comprehensive evaluation theory was used to construct an efficiency evaluation model for the power financial market.Finally,based on the relevant data of PJM electric power market and electric power financial market,through the comparative analysis of the effectiveness evaluation results of operation results and the effectiveness assessment results of market schemes,the rationality of the effectiveness assessment model of electric power financial market is verified,and the effectiveness of different electric power financial market schemes in different development stages is evaluated and compared by using the assessment model The comparison results verify the rationality of the development path of power financial market designed above.