Border Flow Rights and Contracts for Differences of Differences: Models for Electric Transmission Property Rights
Border Flow Rights and Contracts for Differences of Differences: Models for Electric Transmission Property Rights
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边界流权和差异差异契约：输电产权模型
DOI：
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发表时间：
2007
影响因子：
6.6
通讯作者：
R. Baldick
中科院分区：
文献类型：
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作者：
R. Baldick
本文提出了输电线路的产权模型，并对其性质进行了分析。拟议的权利被称为“边境流动权”，通过相关的金融权利支持对输电风险的金融对冲和商家输电的扩张，被称为“差异合同”。这些金融权利允许通过一个统一的交易所进行能源和输电的远期交易，避免了当前市场上分散的长期能源交易和集中的长期输电交易之间的分歧。这种长期交易可以帮助支持发电和输电资产的融资。我们认为这种权利的激励性质是在不存在团结性、规模经济和市场力量的情况下的。
In this paper, a property rights model for electric transmission is proposed and its properties analyzed. The proposed rights, called "border flow rights," support financial hedging of transmission risk and merchant transmission expansion through associated financial rights, called "contracts for differences of differences." These financial rights allow for forward trading of both energy and transmission by a unified exchange, avoiding the bifurcation in current markets between decentralized long-term energy trading and centralized long-term transmission trading. Such long-term trading can help to support the financing of both generation and transmission assets. We consider incentive properties of such a right in the absence of lumpiness, economies of scale, and market power.