| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8313 |
| DP8313 Hedging and Vertical Integration in Electricity Markets | |
| Gilles Chemla; Nizar Touzi; René Aïd; Arnaud Porchet | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical integration in electricity markets. We develop an equilibrium model with producers, retailers, and traders to study and quantify the impact of forward markets and vertical integration on prices, risk premia and retail market shares. We point out that forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both reduce the retail price and increase retail market shares. We show that they differ in their impact on prices and firms' utility due to the asymmetry between production and retail segments. Vertical integration restores the symmetry between producers' and retailers' exposure to demand risk while linear forward contracts do not. Vertical integration is superior to forward hedging when retailers are highly risk averse. We illustrate our analysis with data from the French electricity market. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Electricity markets Forward Hedging Producers Retailers Spot Vertical integration |
| URL | https://cepr.org/publications/dp8313 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537150 |
| 推荐引用方式 GB/T 7714 | Gilles Chemla,Nizar Touzi,René Aïd,et al. DP8313 Hedging and Vertical Integration in Electricity Markets. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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