The United States has the largest power industry in the world. According to the latest data released by the Organization for Economic Cooperation and Development (OECD), in 2004, the annual power generation of the whole OECD member countries was 9.51.31100 million kWh, and the proportions of thermal power, nuclear power, hydropower, geothermal power or other forms of power generation were 6 1.44%, 23.62% and 654333 respectively.
The power generation in the United States is 395.44 billion kWh, accounting for 465.438+0.57% of the total power generation in OECD countries. In the composition of power generation energy in the United States, nuclear power developed rapidly in the 1980s, and its proportion rose from 0.970 1.42% to 0/9.94% in 2004. Although the proportion of thermal power is decreasing year by year, it is still the most important power generation energy in the United States.
The power system in the United States has developed very rapidly, forming four independent interconnected systems: the eastern United States, the western United States, Texas and Quebec, Canada. Three main power trading modes, namely, bilateral contract, joint venture mode and joint operation of power trading institution (PX) and ISO, have been developed, and the spot power market and power futures market with 1 day and 1 hour in advance have been formed. Its advanced management and operation mode has become a model for all countries in the world to learn.
Both the Chicago Board of Trade and the New York Mercantile Exchange have launched their own electricity contracts for the spot electricity market in the United States, but the focus and ideas of the design contracts are completely different. Chicago Board of Trade (CBOT) designs contracts according to natural regional electricity transactions, while New York Commodity Futures Exchange designs contracts according to different trading modes of PJM Western Network Center.
1968, in order to formulate the safety criteria for power grid operation, the American Electrical Reliability Association (NERC) was established in the United States. Headquartered in Princeton, New Jersey, the Association's main tasks are to coordinate the development planning and design criteria of various power grids, carry out load forecasting, organize typical accident investigations, and conduct statistical analysis of power grids to improve the power supply reliability of North American power systems. The association has 10 regional security coordination committees.
The Chicago Board of Trade selected the main area and the SERC area, and established two power futures contracts, one based on the area under the jurisdiction of ComEdK and the other based on the area under the jurisdiction of TVA.
The New York Mercantile Futures Exchange takes a different approach, pointing out that in the eastern United States, the Pennsylvania-New Jersey-Maryland (PJM) network dominates the world's largest electricity market, serving 440 million customers, including Delaware, Illinois, Kentucky, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Washington.
These energy companies operate more than 65,438+0,000 power stations with a production capacity of 65,438+0,370,000 Cho Chien watts. Power generation and transmission networks are spread all over the Midwest, new york and mid-Atlantic states. PJM mainly uses medium and long-term contract transactions, and the real-time transaction volume only accounts for 15%. This is completely different from the model of California electricity market.
In California's electricity market model, power users can directly sign electricity purchase contracts with power producers, develop power grids and provide transmission services to users. The electricity market is operated by two newly established institutions: California Power Exchange (PX) and California Independent System Operator (ISO). In order to open competition and prevent power producers and retailers from manipulating the market, California electricity market adopts real-time electricity trading mode, excluding long-term contracts, so that the huge electricity market is in a real-time trading state. A day is divided into 48 time periods, and the electricity price in each time period is different and balanced in real time. When the power is at the peak load, the market and electricity price are in a very unstable state. The Singapore Energy Bureau said that it is currently considering establishing an electricity futures market in Singapore to allow operators to hedge their pricing risks in the market and provide a new business opportunity for financial companies and energy traders. The Energy Administration believes that the futures market can improve transparency and help new power companies and retailers to reduce risks.
Singapore Energy Bureau officials believe that a market-driven and competitive energy trading platform will help reduce information asymmetry, lower barriers for new operators to enter the market, make it easier for them to hedge, and also help improve the competitiveness of the electricity market, bringing benefits to consumers and end users. For the existing operators, they can enjoy more choices, hedge and manage risks through the futures market, and reduce the credit default risk and multi-party default risk of OTC transactions.
Local analysts believe that Singapore should merge the natural gas and electricity markets in the next step, because Singapore is very dependent on fuel, so that power plants can buy natural gas and sell electricity at a fixed price, which will also encourage power plants to sign long-term contracts. It is understood that about 75% of Singapore's electricity market is open to competition, and the government is studying the feasibility of making the market completely open to competition.