中国电机工程学报2026，Vol.46Issue(2)：520-531,中插6,13.DOI:10.13334/j.0258-8013.pcsee.241653
基于拍卖收益权的售电侧现金流风险评估与管理
Liquidity Risk Quantification and Management of Utility Companies Based on Auction Revenue Rights
摘要
Abstract
With the advancement of the new round of electricity market reform,electricity transactions between provinces and regions have become more frequent,leading to a boom in the number of utility companies.Many small and medium-sized companies are facing a higher level of cash flow risk due to the lack of physical assets,and are prone to default and bankruptcy due to cash flow shortages,which affects the long-term healthy and safe operation of the market.Besides,the integration of large-scale renewable energy sources has led to increased congestion and electricity price volatility,increasing the financial risks on the sales side,which calls for an effective financial instrument.This paper evaluates the profit risk and cash flow risk of several congestion surplus allocation schemes for utility companies.Taking the PJM market in America as an example,this paper further analyzes the motivation and principles for hedging cash flow risks based on a mechanism combining financial transmission rights and auction revenue rights,and quantifies the demand-side cash flow risks.A case study based on the PJM 5-bus system is conducted to simulate the entire application,allocation,and settlement process of auction revenue rights.The case study verifies the effectiveness of the proposed mechanism in making the trade-off between cash flow risks and profit risks for utility companies.关键词
电力市场/金融输电权/拍卖收益权/现金流风险/售电公司Key words
electricity market/financial transmission right/auction revenue right/cash flow risk/utility company分类
信息技术与安全科学引用本文复制引用
吴昇阳,吴聃,丁肇豪,王镜毓,石东源,娄素华,程时杰..基于拍卖收益权的售电侧现金流风险评估与管理[J].中国电机工程学报,2026,46(2):520-531,中插6,13.基金项目
国家电网有限公司科技项目(5108-202218280A-2-429-XG).Science and Technology Project of State Grid Corporation of China(5108-202218280A-2-429-XG). （5108-202218280A-2-429-XG）
