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《Automation of Electric Power Systems》 2006-07
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Research on Electricity Market Institutions Part Three Risk of Electricity Market and Its Countermeasures

ZHU Zhi-zhong, XIE Kai, YU Er-keng (China Electric Power Research Institute, Beijing 100085, China) (Accenture, Beijing 100020, China) (North China Power Dispatching Bureau, Beijing 100053, China)  
Risk is an important ingredient which can influence the judgment of market participants on revenue, so they couldn't make effective economic decisions. Electricity industry is a capital intensity industry, and its price fluctuates frequently, so it is important to take account of all kinds of uncertainties when implementing market design. The electricity market risk comes from the limited rationality of human, opportunism and the uncertainties in future. Limited rationality occurs because of the limited understanding capability and mastered information of people, selfish leads to opportunism, and the variation of world is the explanation of uncertainty. To control the risk of electricity market, it is necessary to master more information, reduce the possibility of opportunism, and rearrange the risk in market participants effectively. By improving the forecast and control capability of risk, market participants can manage risk effectively and enhance the economic efficiency.
【CateGory Index】: F407.61
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