Market-driven coal prices and state-administered electricity prices in China
Market-driven coal prices and state-administered electricity prices in China
复制标题
DOI：
10.1016/j.eneco.2013.05.021
复制
发表时间：
2013-11-01
期刊：
影响因子：
12.8
通讯作者：
Zhang, Yang
中科院分区：
文献类型：
--
作者：
Liu, Ming-Hua;Margaritis, Dimitris;Zhang, Yang
本文利用非对称误差修正模型分析了中国政府如何根据煤炭价格的变化调整工业用户和居民用户的电价。研究结果表明，煤炭价格和电力价格之间存在长期的关系，但这种关系是弱的，特别是对居民电价。在短期内，我们发现电价的调整速度比下降快。住宅用户的价格向长期均衡方向调整的速度比向下调整的速度快。另一方面，我们没有发现工业用电价格的非对称均衡调整的证据。长期关系的薄弱反映了电价的刚性和政府不愿让最终用户受到原材料成本波动的影响。(C)2013爱思唯尔有限公司版权所有。
This paper analyzes how the Chinese government adjusts electricity prices for both industrial and residential users in response to changes in coal prices using an asymmetric error correction model. Our results show that there is a long-term relation between the coal price and electricity prices but the relationship is weak especially for residential pricing. In the short run, we find electricity prices are adjusting faster upwards than downwards. Price adjustment towards long-run equilibrium is faster for residential users upwards than downwards. On the other hand, we find no evidence of asymmetric equilibrium adjustment in the electricity price for industrial use. The weak long-term relationship reflects the rigidity in electricity pricing and government's reluctance to subject end users to fluctuations of raw materials cost shifts. (C) 2013 Elsevier B.V. All rights reserved.