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来源类型 | FEEM working papers "Note di lavoro" series |
规范类型 | 论文 |
The Impact of China’s Electricity Deregulation on Coal and Power Industries: Two-stage Game Modeling Approach | |
HuiHui Liu; ZhongXiang Zhang; ZhanMing Chen; DeSheng Dou | |
发表日期 | 2018 |
出处 | Economic Theory |
出版年 | 2018 |
语种 | 英语 |
摘要 | The regulated price mechanism in China’s power industry has attracted much criticism because of its incapability to optimize the allocation of resources. To build an “open, orderly, competitive and complete” power market system, the Chinese government launched an unprecedented marketization reform in 2015 to deregulate the electricity price. This paper examines the impact of the electricity price deregulation in the industry level. We first construct two-stage dynamic game models by taking the coal and coal-fired power industries as the players. Using the models, we compare analytically the equilibriums with and without electricity regulation, and examine the changes in electricity price, electricity generation, coal price and coal traded quantity. The theoretical analyses show that there are three intervals of the regulated electricity sales prices which influence the impact of electricity price deregulation. Next, we collect empirical data to estimate the parameters in the game models, and simulate the influence of electricity deregulation on the two industries in terms of market outcome and industrial profitability. Our results suggest that the actual regulated electricity price falls within the medium interval of the theoretical results, which means the price deregulation will result in higher electricity sales price but lower coal price, less coal traded amount and less electricity generation amount. The robustness analysis shows that our results hold with respect to the electricity generation efficiency and price elasticity of electricity demand. *** Suggested citation: Liu, H., Z. Zhang, Z. Chen, D. Dou, (2018), 'The Impact of China’s Electricity Deregulation on Coal and Power Industries: Two-stage Game Modeling Approach', Nota di Lavoro 17.2018, Milano, Italy: Fondazione Eni Enrico Mattei |
特色分类 | Q41;Q43;Q48;L94;L98 |
关键词 | China Electricity Deregulation Reform Coal Industry Power Industry |
URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-impact-of-china-s-electricity-deregulation-on-coal-and-power-industries-two-stage-game-modeling-approach/ |
来源智库 | Fondazione Eni Enrico Mattei (Italy) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/118590 |
推荐引用方式 GB/T 7714 | HuiHui Liu,ZhongXiang Zhang,ZhanMing Chen,等. The Impact of China’s Electricity Deregulation on Coal and Power Industries: Two-stage Game Modeling Approach. 2018. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
cover-front34.jpg(103KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
ndl2018-017.pdf(818KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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