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1、AnalysisofequilibriumaboutbiddingstrategyofsupplierswithfuturecontractsZhiqiangYuan*，DongLiu,ChuanwenJiangElectricPowerSchool,ShanghaiJiaoTongUniversity,Shanghai200030,PRChinaReceived6May2005;accepted9August2006Availableonline2October2006AbstractInth
2、ispaper,thesupplyfunctionmodelisemployedtosimulatethebiddingstrategyofsuppliersinthepowerpool,andmodelsofthesupplyfunctionwithfuturecontractsarepresented.Itisprovedthatonlyoneoftheparametersbetweenslopeandinterceptofthebiddingcurveisanindependentvari
3、ableinordertoachievedefiniteequilibrium.Inthemeantime,theequilibriaofthebiddingstrategyaboutsuppliersarestudiedwhendifferentinterceptsofthebiddingcurvearechosen.SomeexamplesareemployedtostudytheNashequilibriumstrategiesofsupplierswithdifferentfuturec
4、ontractsinvariousbiddingstrategymodels.Theresultsshowthattheequilibriaaredifferentindifferentbiddingstrategymodels,butthefuturecontractscaneffectivelymakespotpricesdecreaseinallthemodels.1・IntroductionTheelectricpowerindustryworldwideisexperiencingun
5、precedentedrestructuringfromthetraditionalintegratedregulationmonopolytoacompetitivepowermarket.Theobjectofderegulationistointroduceacompetitionmechanismintothepowermarketandprovideincentivesforefficientoperationofthepowerindustry,eventuallyreducingt
6、hemarketprice.Theidealmarketisaperfectcompetitivemarketinwhichparticipantsbidtheirmarginalcostintothemarket.Consequently,themarketpriceislowinthiskindofmarket.However,theelectricitymarketisdifferentfromothermerchandisemarkets.Inthepowermarket,onlyafe
7、wsupplierscanprovidepowerservicesinsomegeographicregion.Thisisduetotherestrictionofsomefactors,suchaslargeinvestmentscale,smalldemandelasticity,transmissionconstraintsandnolargelystorableelectricity.Consequently,theactualpowermarketismoreclosetoanoli
8、gopolisticmarketinwhichthesupplierscanachievemaximumprofitthroughstrategicbidding.Thatmeansthatthegenerationcompaniespossessmarketpower,whichisharmfultotheoperationofthepowersystemandwillmakeelectricitypricefarhigherthanthemarginalcostofthepowermarke
