CAJ | 학술논문

本文通过对澳大利亚电力市场化改革方向的梳理,揭示了电力期货市场的形成和发展过程。其主要路径是：（1）从电力垄断到电力市场化改革,建立电力现货市场;（2）在电力现货市场运行中暴露出电价剧烈波动的问题,引入电力远期合约;（3）电力远期合约出现市场参与不足和流动性差的问题,电力期货市场应运而生。事实证明,澳大利亚电力现货和期货市场并存,但期货市场在提高市场参与度、流动性、安全性以及稳定和发现电价方面的作用更大。本研究通过展示澳大利亚电力期货市场建立过程中的风险和问题,为中国电力市场化改革提供参考。
본문통과대오대리아전력시장화개혁방향적소리,게시료전력기화시장적형성화발전과정。기주요로경시：（1）종전력롱단도전력시장화개혁,건립전력현화시장;（2）재전력현화시장운행중폭로출전개극렬파동적문제,인입전력원기합약;（3）전력원기합약출현시장삼여불족화류동성차적문제,전력기화시장응운이생。사실증명,오대리아전력현화화기화시장병존,단기화시장재제고시장삼여도、류동성、안전성이급은정화발현전개방면적작용경대。본연구통과전시오대리아전력기화시장건립과정중적풍험화문제,위중국전력시장화개혁제공삼고。
This article uncover the logic of electricity market reformation in Australia, by reviewing the creation and development of electricity futures＇ market. The basic path could be summarized as： firstly, created the electricity spot market by reform from electricity monopoly; secondly, introduced electricity forward contracts due to the fluctuation of price in spot market; thirdly, established the electricity futures market against insuffi- cient participation and competition. With evidential finds, the article also reveals both the spot markets and fu- tures＇markets operate well in Australia, but the later plays an important role in improving market liquidity, better stability and high safety, as well as discovery and maintain price. Aiming to direct the electricity market reform in China, the article invites a good reference for the establishment of electricity futures market by showing risks and troubles.