期权是电力市场参与者使用的主要金融工具之一。建立了风险厌恶的购电商以效用最大为目标、风险中立的发电商按Cournot方式竞争的两阶段博弈模型,给出了市场均衡的解析解。结果表明期权对电力市场的作用要强于远期合约,随着购电商等值风险规避指数和现货市场电价波动性的增加,发电商的市场力逐渐加强,为保持较高的收益和现货市场电价,发电商有兴趣维持现货市场电价的高波动性。 Options are one of the major financial instruments used by electricity market participants. The risk-averse commercial trader establishes a two-stage game model with the maximum utility as the risk-neutral power producer in the Cournot mode, and gives an analytical solution to the market equilibrium. The result shows that the option plays a stronger role in the electricity market than the forward contract. With the increase of the equivalent risk aversion index and the spot market price volatility, the market power of the generator increases gradually. In order to maintain a higher yield and the spot market Electricity prices, generators are interested in maintaining the high volatility of the spot market price.