观澜 | 中国推进电力期货正当时

电力作为一种特殊商品，由于其物理特征的同质性、价格的高波动性与交易量的庞大，天生适配于期货合约。电力是工业的血液，根据国际成熟电力市场的经验，电力期货在价格形成、风险管理和资源配置等方面可以为市场提供风险分散方案。电力现货市场常态化运行后配套电力期货市场，有利于促进电力市场实现更加公平、透明，有助于更快更好发展新质生产力，有助于推动电力现货市场稳妥有序实现全覆盖，有助于保障电力市场化改革深入推进。

As a special commodity, electricity is inherently suitable for futures contracts due to the homogeneity of its physical characteristics, high price volatility and large trading volume. Electricity is the blood of the industry, and according to the experience of mature international power markets, power futures can provide risk diversification solutions for the market in terms of price formation, risk management and resource allocation. The normalized operation of the electricity spot market is complemented by the electricity futures market, which is conducive to promoting the realization of a fairer and more transparent electricity market, contributing to the faster and better development of the new quality of productive forces, helping to promote the steady and orderly realization of the full coverage of the electricity spot market, and helping to ensure that the electricity market-oriented reforms are pushed forward in depth.

全球电力期货市场发展历程和启示

Development history and inspiration of global power futures market

分析全球电力期货市场的发展历程和实践案例，能为我国电力期货市场建设提供借鉴和指导。截至2023年，世界电力期货交易量达8.91亿手，同比增加13%，欧洲、北美和日本是相对活跃和成熟的电力期货市场。这些地区的电力期货市场在经过多年的发展和经验积累后，已经建立起了相对健全的市场机制和监管体系，对中国电力期货市场建设具有重要的参考价值。

Analyzing the development history and practice cases of the global power futures market can provide reference and guidance for the construction of China's power futures market. As of 2023, the world power futures trading volume reached 891 million lots, an increase of 13% year-on-year, and Europe, North America and Japan are relatively active and mature power futures markets. After years of development and experience accumulation, the power futures markets in these regions have established relatively sound market mechanisms and regulatory systems, which have important reference value for China's power futures market construction.

欧洲是电力期货的起源地。北欧电力交易所于1995年发布了世界上第一份电力期货合约，并于1999年开始进行电力期权交易。经过近30年的发展，欧洲已经建立起了一个相对成熟的全球电力期货和衍生品市场。欧洲电力期货市场交易品种体系逐渐完善，在价格发现、风险管理和市场预期稳定等方面发挥着重要作用，成为欧洲统一电力市场体系中不可或缺的一部分。

Europe is where electricity futures originated. The Nordic Power Exchange issued the world's first power futures contract in 1995 and began trading power options in 1999. After nearly 30 years of development, Europe has established a relatively mature global power futures and derivatives market. The system of trading varieties in the European power futures market has gradually improved, playing an important role in price discovery, risk management and stabilization of market expectations, and becoming an indispensable part of the unified European power market system.

持续难以预测的世界经济和地缘政治形势带来了更多的电力避险需求，欧洲电力期货和衍生品市场规模日益扩大。欧洲能源交易所（EEX）2023年年报显示，欧洲电力期货合约交易量已达现货市场的7.15倍。2023年，EEX集团电力市场的交易量达到8660.9太瓦时，同比增长36%，这一水平也超过了2021年公共卫生事件前的交易水平。2023年， EEX电力期货市场的各个品种的交易量均有不同程度的增长，其中希腊电力衍生品市场同比增长尤为显著、创下了历史新高。2023年，欧洲电力衍生品市场同比增长55%，总量达到5185.3太瓦时，首次超过5000太瓦时。受日内市场的推动，由EPEXSPOT运营的欧洲电力现货市场也增长了18%，达到724.5太瓦时。

The continuing unpredictable world economic and geopolitical situation has created more demand for power hedging, and the European power futures and derivatives market is growing in size. The European Energy Exchange's (EEX) Annual Report 2023 shows that the trading volume of European power futures contracts has reached 7.15 times that of the spot market.In 2023, the EEX Group's power market traded 8,660.9 TWh, a 36% increase year-on-year, a level which also exceeds the trading level prior to the public health events of 2021.In 2023, the EEX power futures market's individual The EEX power futures market grew by varying degrees, with the Greek power derivatives market posting particularly significant year-on-year growth, reaching a new all-time high. in 2023, the European power derivatives market grew by 55% year-on-year, reaching a total volume of 5,185.3 TWh, surpassing 5,000 TWh for the first time. The European electricity spot market, operated by EPEXSPOT, also grew by 18% to 724.5 TWh, driven by the intraday market.

欧洲电力期货合约的构建基于现货市场的运营特性，展现出以下三个显著特征：第一，欧洲电力现货市场采纳以国家为区分的区域性定价机制，从而在各成员国内形成各自的电力价格体系。鉴于各国之间的电价存在差异，欧洲电力期货合约以各国的国家电价作为定价基准，覆盖了日前及日内交易市场，旨在满足各国产业客户及投资者在风险规避和投资方面的需求；第二，欧洲电力期货合约将每日电力负荷划分为峰荷与基荷时段，充分考虑了电力消费需求特性，并据此设计了相应的峰荷与基荷期货合约，以便更好地适应不同市场参与者的用电模式和避险需求；第三，为适应市场参与者的生产与经营决策周期，欧洲市场推出了涵盖日、周、月、季度及年度的多种期货合约，部分国家甚至推出了专门针对周末的期货合约，以更全面地满足客户的风险管理需求。

The construction of the European electricity futures contract is based on the operational characteristics of the spot market, displaying the following three distinctive features: first, the European electricity spot market adopts a regional pricing mechanism differentiated by country, thus forming its own electricity pricing system within each member country. In view of the differences in electricity prices between countries, the European power futures contract takes the national electricity price of each country as the pricing benchmark, covering both day-ahead and intraday trading markets, aiming to meet the needs of industrial customers and investors in risk aversion and investment in each country; second, the European power futures contract divides the daily power load into peak load and base load periods, taking into full consideration the characteristics of the power consumption demand and designing corresponding peak load and base load futures contracts accordingly. Secondly, the European power futures contract divides daily power load into peak load and base load periods, taking into full consideration of the characteristics of power consumption demand, and accordingly designs corresponding peak load and base load futures contracts, so as to better adapt to the power consumption patterns and risk hedging needs of different market participants; thirdly, in order to adapt to the production and operation decision-making cycles of market participants, the European market has launched a variety of futures contracts covering daily, weekly, monthly, quarterly and annual periods, and some countries have even launched futures contracts dedicated to weekends in order to more comprehensively meet the risk management needs of customers.

美国曾经是全球最大的电力生产和消费国，拥有发达的电力期货市场，其现货市场采用了电网调度与电力交易中心一体化的市场模式。1996年3月，纽约商品交易所（NYMEX）推出了美国的第一份电力期货合约，随后在同年4月推出了电力期权合约。NYMEX曾在1996年推出过两份实物交割合约，但由于不活跃均已退市。2000年，NYMEX推出了最活跃的PJM电力期货合约。截至2023年年底，NYMEX已经上市了300多个电力期货品种，其中大多数品种的交易单位为5 兆瓦时，所有电力期货品种均采用现金结算方式。洲际交易所（ICE）上市了160多个基于月度电力平均价格的电力期货品种，多数ICE品种的交易单位为1 兆瓦时。Nodal Exchange上市了超过1000个电力期货品种，所有Nodal品种的交易单位均为1兆瓦时。

The U.S. was once the world's largest producer and consumer of electricity, with a well-developed electricity futures market, and its spot market adopted the market model of integrating grid scheduling and power trading centers. in March 1996, the New York Mercantile Exchange (NYMEX) launched the first U.S. electricity futures contract, followed by the introduction of an options contract for electricity in April of the same year. the NYMEX had launched two physical delivery contracts in 1996, but they were retired due to inactivity. in 2000, NYMEX launched the most active PJM electricity futures contract. Two physical delivery contracts were launched in 1996, but both were retired due to inactivity.In 2000, NYMEX launched the most active PJM power futures contract. By the end of 2023, NYMEX had listed more than 300 power futures, most of which were traded in units of 5 MWh and all of which were cash settled. The Intercontinental Exchange (ICE) lists more than 160 power futures contracts based on average monthly power prices, with most ICE contracts traded in 1 MWh. The Nodal Exchange lists more than 1,000 power futures contracts, with all Nodal contracts traded in 1 MWh.

截至2023年，美国已经形成了以ICE和Nodal Exchange为代表的电力期货市场，为北美地区电力生产和电力价格走势平稳保驾护航。2023年，Nodal Exchange的美国电力期货市场继续扩大，年度交易量达27亿瓦时，创历史交易纪录，较去年增长了15%。NYMEX尽管也挂牌了数百个电力期货品种，但是成交量寥寥。ICE和Nodal Exchange之间的合约品种没有实质性差异，但是Nodal Exchange交易的合约覆盖面更广，均采用现金结算。

As of 2023, the U.S. power futures market, represented by ICE and Nodal Exchange, has been formed to protect North American power production and price stability.In 2023, Nodal Exchange's U.S. power futures market continued to expand, with an annual trading volume of 2.7 billion watt-hours, a record, and an increase of 15 percent from last year. NYMEX, which also lists hundreds of power futures, saw little volume. there are no substantive differences in contract variety between ICE and Nodal Exchange, but Nodal Exchange trades a broader range of contracts that are cash settled.

美国电力期货市场的运作展现了以下三个显著特征：第一，由于美国国土面积较大，不同区域间的电力现货市场拥有不同的价格特征，因此，美国电力期货合约主要采用区域性设计，以便更好地满足各地区的特定需求；第二，美国电力期货市场以月度合约为主导，根据电力现货市场的消费模式进行细分，涵盖了峰荷与非峰荷时段的电力期货合约；第三，美国电力期货市场实行集中撮合交易机制，并通过现金结算方式进行结算。这些特征共同促成了美国电力期货市场的高效运作，并确保了市场风险的有效对冲。

The operation of the U.S. power futures market exhibits the following three notable features: first, due to the large size of the U.S. territory, the power spot market among different regions possesses different pricing characteristics, therefore, the U.S. power futures contract mainly adopts a regional design in order to better satisfy the specific needs of each region; second, the U.S. power futures market is dominated by the monthly contract, which is subdivided according to the consumption pattern of the power spot market Second, the U.S. power futures market is dominated by monthly contracts, which are subdivided according to the consumption pattern of the spot power market, covering both peak-load and off-peak power futures contracts; third, the U.S. power futures market implements a centralized aggregation trading mechanism and settles the transactions through cash settlement. These features together contribute to the efficient operation of the U.S. power futures market and ensure the effective hedging of market risks.

日本的电力期货市场是发展最迅速的新兴电力期货市场之一。在1995年至2020年的15年间，日本以电力市场建设为核心进行了五轮电力改革。他们建立了竞争性的电力批发市场日本电力交易所（JEPX），形成了多个市场交易体系，包括日前市场、日内市场、远期市场、非化石价值交易市场、间接输电权市场、容量市场和供需调节市场。2019年9月，日本开始在东京商品交易所（TOCOM）交易首个电力期货产品。

Japan's power futures market is one of the most rapidly developing emerging power futures markets. During the 15-year period from 1995 to 2020, Japan conducted five rounds of electricity reform centered on electricity market construction. They established the Japan Electric Power Exchange (JEPX), a competitive wholesale power market, and formed several market trading systems, including a day-ahead market, an intraday market, a forward market, a non-fossil value trading market, an indirect transmission rights market, a capacity market, and a supply-demand regulation market.In September 2019, Japan began trading its first power futures product on the Tokyo Commodity Exchange (TOCOM).

日本电力期货合约涵盖了东京基本负荷期货、东京峰值负荷期货、关西基本负荷期货及关西峰值负荷期货等品种。上述期货合约均以JEPX公布的相关地区（东京或关西）30分钟现货市场价格的算术平均值结算，并采用日元现金交割。合约的交易周期设定为15个月，以集中竞价的方式进行交易。此外，欧洲能源交易所EEX于2020年5月推出了其首个亚洲产品——日本电力期货。至2023年，EEX日本电力期货的交易量已增长至18293.23吉瓦时，同比增长171%。EEX日本电力期货的交易参与主体包括交易参与者、经纪商、EEX交易所、欧洲商品清算中心（ECC）以及清算银行。日本电力期货市场的蓬勃发展，对日本电力市场的稳定运营与风险管理起到了积极的作用。

Japan Electric Power Futures contracts cover Tokyo Base Load Futures, Tokyo Peak Load Futures, Kansai Base Load Futures and Kansai Peak Load Futures. All of the above futures contracts are settled at the arithmetic average of the 30-minute spot market prices in the relevant area (Tokyo or Kansai) published by JEPX, and are settled in yen cash. The trading period of the contracts is set at 15 months, and they are traded by means of centralized bidding. In addition, EEX, the European Energy Exchange, launched in May 2020 its first Asian product, Japan Power Futures. By 2023, the trading volume of EEX Japan Power Futures has grown to 18,293.23 GWh, an increase of 171% year-on-year.Participants in the trading of EEX Japan Power Futures include Trading Participants, brokers, EEX exchanges, the European Commodity Clearing Center (ECC), and clearing banks. The robust development of the Japanese power futures market has played a positive role in the stable operation and risk management of the Japanese power market.

日本电力期货市场的构建展现了两大显著特征：第一，该市场的建立基于开放的零售电力市场。日本政府对电力期货市场进行了细致的规划，并选择在现货市场交易量充足、市场发展相对成熟之际，适时推出期货交易。这一过程历时三年，旨在确保市场的稳定性与持续发展。第二，日本电力期货市场强调国际化战略，其电力期货产品已在欧洲市场成功上市。这种国际化的布局有助于吸引更广泛的市场参与者和资本投入，从而增强市场的流动性及整体竞争力。

The construction of Japan's electricity futures market has shown two significant features: first, the market was established on the basis of an open retail electricity market. The Japanese government planned the electricity futures market in detail and chose to launch futures trading at the right time when the spot market had sufficient trading volume and the market was relatively mature. This process took three years and was designed to ensure the stability and sustainable development of the market. Secondly, Japan's power futures market emphasizes an internationalization strategy, and its power futures products have been successfully listed in the European market. This internationalization helps to attract a wider range of market participants and capital investment, thus enhancing the liquidity and overall competitiveness of the market.

电力期货的套期保值实践经验

Practical experience in hedging power futures

世界范围内，电力期货和衍生品市场可已经是实体企业最重要的电力价格风险管理工具之一。据EEX数据显示，超过90%的电能交易通过期货等金融合约得到了有效覆盖。发电企业及发电集成商目前已经成为世界电力期货市场的主要参与者，以法国电力集团为例，其在2023年年报中明确指出，集团长期采用电力期货对冲未来售电价格风险；BP、壳牌等大型能源集团也均在年报中披露，运用电力衍生品工具管理价格风险。欧盟能源监管合作署在最近一份欧洲电力批发市场评估报告中也肯定了PPA等合约的积极作用。

Worldwide, electricity futures and derivatives markets can already be one of the most important electricity price risk management tools for real companies. According to EEX data, more than 90% of electricity transactions are effectively covered through financial contracts such as futures. Power generation enterprises and power generation integrators have now become the world's major players in the power futures market, for example, Electricité de France, for example, its annual report in 2023 clearly pointed out that the group's long-term use of power futures to hedge the risk of future price of electricity sales; BP, Shell and other large-scale energy groups have also disclosed in the annual report, the use of power derivatives tools to manage price risk. The European Union Agency for the Cooperation of Energy Regulators also recognized the positive role of contracts such as PPAs in a recent report assessing the European wholesale electricity market.

电力期货在能源企业和主要用电企业的风险管理领域，发挥着不可替代的作用。在北欧，水电供应的季节性变化会显著影响电力价格，枯水期与丰水期电价差异巨大，给发电端和用电端的生产活动均带来了巨大的影响。传统的依赖现货价格的生产方法会使电力公司未来利润波动巨大且难以预测。但在电力期货市场中，电力公司可以通过合理的套期保值策略在市场波动中保持财务状态稳健。若缺乏电力期货进行风险分散，公司将面临财务状况的不确定性，这不仅会使得管理层无法制定符合公司长期利益的战略决策，也会影响企业长期可持续发展。

Power futures play an irreplaceable role in the field of risk management for energy companies and major power users. In Northern Europe, seasonal variations in hydropower supply can significantly affect electricity prices, with huge differences between the price of electricity during dry and abundant water periods, creating a huge impact on the production activities of both the power generation side and the power consumption side. Traditional production methods that rely on spot prices can make future profits for power companies highly volatile and unpredictable. However, in the power futures market, power companies can maintain a sound financial status in the midst of market fluctuations through rational hedging strategies. In the absence of power futures for risk diversification, companies will face uncertainty in their financial status, which will not only prevent management from making strategic decisions that are in line with the company's long-term interests, but also affect the long-term sustainable development of the enterprise.

以富腾公司（Fortum）为例，这家北欧地区领先的新能源发电企业已在电力期货套期保值方面积累了宝贵的经验。Fortum致力于通过灵活的套期保值策略来规避市场潜在波动风险，并坚决避免参与任何投机性质的交易活动，以此确保公司现金流的稳定性与可预测性。该公司主要采用卖出套期保值的方式对其电力产量进行风险管理。鉴于套期保值涉及的电力产量与以固定价格销售给消费者的电力数量存在差异，为透明地展示其风险管理状况，Fortum会在定期发布的中期报告中披露其北欧电力生产的套期保值比率。例如， Fortum将2023年发电量60%的预期产量以每兆瓦时37欧元的价格进行了对冲。Fortum的策略是不对全部装机容量进行套期保值，这一决策旨在确保公司在各种市场环境下，特别是在水力发电能力受限或发电厂暂时停运的不利情况下，依然保有充足的现货资源，以履行期货合约的现金交付义务。通过这种审慎的风险管理策略，Fortum有能力实现长期的业务稳定性和财务可持续性。

Fortum, for example, a leading new energy generator in the Nordic region, has gained valuable experience in hedging power futures, and is committed to ensuring the stability and predictability of its cash flows through a flexible hedging strategy that avoids potential market volatility and avoids any speculative trading activities. The company primarily uses sell hedges to manage the risk of its electricity production. In order to transparently demonstrate its risk management, Fortum discloses its hedging ratio for Nordic electricity production in its regular interim reports, given the difference between the amount of electricity hedged and the amount of electricity sold to consumers at a fixed price. For example, Fortum hedges 60% of its expected production of electricity generation in 2023 at a price of €37 per MWh.Fortum's strategy is not to hedge its entire installed capacity, a decision that is intended to ensure that the company retains sufficient spot resources to meet its cash delivery obligations under various market conditions, in particular in the case of unfavorable situations where hydroelectric generation capacity is limited or power plants are temporarily shut down. cash delivery obligations under futures contracts. Through this prudent risk management strategy, Fortum is well positioned to achieve long-term business stability and financial sustainability.

使用电力期货进行套期保值是一种长期实施并需要不断调整的风险管理策略。Fortum会前瞻性地提前数年制定并销售2023年的发电计划，并对该计划逐步进行套期保值。随着时间的推移，Fortum将根据市场情况和业务需求，不断优化其套期保值策略，适时调整套保比例和方法，确保在交货前实现风险对冲目标。在此过程中，最终的套期保值成本反映为一系列按市场价格执行的交易的平均值。在2020年的批发市场上，2023年的电价约为25欧元/兆瓦时，而在2022年，受地缘政治冲突影响，该电价呈现出显著波动，达到284欧元/兆瓦时。面对2022年市场的剧烈波动，Fortum积极调整其对冲头寸，有效降低了保证金的需求，展现了公司在风险管理方面的灵活性和适应性。

Hedging with power futures is a risk management strategy that is implemented over the long term and requires ongoing adjustments.Fortum will prospectively develop and sell its 2023 power generation plan several years in advance and hedge that plan over time. Over time, Fortum will continue to optimize its hedging strategy based on market conditions and business needs, adjusting the hedge ratio and methodology as appropriate to ensure that it achieves its risk hedging objectives prior to delivery. In doing so, the final cost of hedging is reflected as the average of a series of trades executed at market prices. In the wholesale market in 2020, the price of electricity in 2023 is approximately €25/MWh, while in 2022, this price shows significant volatility to €284/MWh due to geopolitical conflicts. In the face of the dramatic market volatility in 2022, Fortum actively adjusted its hedging positions, effectively reducing margin requirements and demonstrating the company's flexibility and adaptability in risk management.

在复杂多变的国际政治背景下，包括电力在内的各类能源商品价格经历了剧烈波动，不仅对消费者日常生活造成了重大影响，也给企业运营带来了前所未有的压力，更对能源生产与供应企业提出了更高的运营效率和风险管理要求。而Fortum成功依托电力期货市场，通过积极参与电力期货套期保值实践，避免了将自身现金流暴露在风险之中。

Under the complex and volatile international political background, the prices of various energy commodities, including electricity, have experienced drastic fluctuations, which not only have a significant impact on consumers' daily lives, but also bring unprecedented pressure on business operations, and put forward higher operational efficiency and risk management requirements for energy production and supply enterprises. Fortum has successfully relied on the power futures market and avoided exposing its cash flow to risk by actively participating in power futures hedging practices.

中国推进电力期货正当时

It's time for China to push forward with power futures

面对能源绿色低碳转型趋势，我国迫切需要建设一个完善的电力金融市场，以满足市场需求。2023年，电力中长期交易已在全国范围内常态化开展，广东省、山西省现货市场由长周期试运行转入正式运行；2024年，更多的省级现货市场有望开展试运行与试结算，现货市场建设将加快推进。电力现货交易正在如火如荼地开展，建设电力金融市场迫在眉睫，只有结合我国电力市场真实情况，研究国际上先进的电力期货市场建设经验，取其精华、去其糟粕，才能为新时代能源电力发展提供中国方案，为全球电力可持续发展贡献中国力量。

In the face of the trend of green and low-carbon energy transformation, China urgently needs to build a perfect electricity financial market to meet market demand. 2023, the medium- and long-term trading of electricity has been regularized nationwide, Guangdong Province, Shanxi Province spot market from the long cycle of trial operation into the official operation; 2024, more provincial spot market is expected to carry out trial operation and trial settlement, spot market construction will be accelerated. The construction of the spot market will be accelerated. Electricity spot trading is in full swing, the construction of power financial market is imminent, only combined with the real situation of China's power market, study the international advanced power futures market construction experience, take the essence, remove the dregs, in order to provide China's program for the development of energy and power in the new era, and contribute to the sustainable development of global electric power China's power.

在以省为单位的实体经济模式下，中国电力市场建设进程与美、欧、日按不同区域或国家划分电力期货市场有一定的相似之处。各地在碳中和目标与绿色可持续发展目标下，建立以新能源为主体的新型电力系统，加强跨省区交易，促进资源优化配置的需求不容忽视。但我们更要深刻认识不同电力市场中的不同之处，明晰中国电力市场改革背景、国情。结合其他国家电力期货发展经验，为我们带来了如下启示：第一，完善的电力期货市场建设是一个长期过程，我国应逐步建立完善电力期货市场监管规则；第二，电力作为一种特殊的商品，拥有时间和空间上的特殊性，我国应逐步推出多元化的电力期货合约类型，适应企业多元的套期保值需求；第三，我国幅员辽阔，而电力关乎国计民生，可以通过试点推进的方式，减小电力期货市场建设风险，并逐步将先进市场的经验推广至全国；第四，我国期货交易所不以利润最大化为导向，和国外期货交易所拥有制度上的本质不同，因此，在设计电力期货合约时，应以助力新质生产力更好、更快发展和服务于电力现货市场为总抓手，而非关注期货交易量的增长。

Under the province-based real economy model, the process of China's power market construction has certain similarities with that of the United States, Europe, and Japan in dividing power futures markets by different regions or countries. Under the carbon neutral target and green sustainable development goal, the demand for establishing a new type of power system with new energy as the main body, strengthening cross-provincial and regional trading, and promoting the optimal allocation of resources should not be ignored. However, we need to recognize the differences in different power markets and understand the background of China's power market reform and national conditions. Combined with the development experience of power futures in other countries, it brings us the following insights: First, the construction of a perfect power futures market is a long-term process, China should gradually establish and improve the regulatory rules of the power futures market; Second, power as a special commodity, with the specificity of time and space, China should gradually launch a diversified type of power futures contracts to adapt to the diversified hedging needs of enterprises; Third, China's vast territory, and electricity is related to the national economy and people's livelihood, can be promoted through the pilot way to reduce the risk of electricity futures market construction, and gradually promote the experience of the advanced market to the whole country; Fourth, China's futures exchanges are not profit-maximizing oriented, and foreign futures exchanges have the essence of the system is different, so in the design of electricity futures contracts, should be used to help the new quality of productive forces better and faster development and service to the spot market of electricity. Therefore, when designing the power futures contract, it should help the new quality productivity to develop better and faster and serve the power spot market as the overall focus, rather than focusing on the growth of the futures trading volume.

2023年12月，广东电力现货市场正式步入常态化运营阶段。2023年，广东省电力市场全年的直接交易电量达到了3141.4亿千瓦时，其中约90%的交易电量通过中长期交易完成，有效锁定了价格并发挥中长期“压舱石”作用，并充分展现了实体经济对于电力价格稳定性的强烈需求。作为中国经济的重要驱动力和全国电力消费的主要省份，广东省电力市场的稳定性与健康发展对于支撑广东乃至全国经济的持续增长至关重要。面对价格风险和资源配置的双重挑战，未来电力期货市场的引入可以为广东省电力市场的发展带来新的机遇。

In December 2023, the Guangdong Electricity Spot Market formally entered the normalized operation stage. 2023, the annual directly traded electricity in the Guangdong Electricity Market reached 314.14 billion kilowatt-hours, of which about 90% of the traded electricity was completed through medium- and long-term transactions, effectively locking in the price and playing the role of a medium- and long-term "ballast stone". The company has also demonstrated the strong demand of the real economy for power price stability. As an important driving force of China's economy and a major province in the country's power consumption, the stability and healthy development of Guangdong's power market is crucial to supporting the sustained growth of Guangdong's and even the country's economy. In the face of the dual challenges of price risk and resource allocation, the introduction of a future power futures market could bring new opportunities for the development of Guangdong's power market.

广州期货交易所也在积极筹备电力期货，电力期货即将成为期货行业的“新兵”。2021年4月19日，广州期货交易所经国务院批准设立，从设立之初就定位于三个服务：服务绿色发展、服务粤港澳大湾区、服务“一带一路”建设，其中绿色发展是最大、最有特色的一个板块。证监会批复广州期货交易所首批16个品种规划，其中8个品种都与绿色发展相关，包括碳和电。广州期货交易所致力于深入阐述中国电力期货市场的独特价值，并明确其与国际电力期货市场的根本区别，设计符合中国生产力发展的期货合约和电力期货市场制度。广州期货交易所正全力以赴推进电力期货产品的研发进程，并通过广泛的市场调研，积极征询并吸纳来自电网企业、调度机构、交易机构以及产业客户的宝贵意见和建议。广东电力期货合约的设计方案已基本完成，该合约草案紧密贴合广东电力现货市场的实际需求，并获得了产业客户的广泛认可。

Guangzhou Futures Exchange is also actively preparing for power futures, which will soon become a "new recruit" in the futures industry. on April 19, 2021, Guangzhou Futures Exchange was approved by the State Council to be set up, and from the very beginning of its establishment, it has been located in the three services: service for green development, service for Guangdong-Hong Kong-Macao Greater Bay Area, and service for the "Belt and Road" construction, of which green development is the largest and most distinctive segment. Green development is one of the largest and most distinctive segments of the "Belt and Road" construction. The Securities and Futures Commission (SFC) approved the planning of the first 16 varieties of the Guangzhou Futures Exchange, 8 of which are related to green development, including carbon and electricity. Guangzhou Futures Exchange is committed to elaborating in depth the unique value of China's power futures market and clarifying its fundamental differences from the international power futures market, and designing futures contracts and power futures market systems that are in line with China's productivity development. Guangzhou Futures Exchange is making every effort to promote the research and development process of power futures products, and through extensive market research, it has actively solicited and absorbed valuable opinions and suggestions from power grid enterprises, scheduling organizations, trading organizations and industrial customers. The design of the Guangdong power futures contract has been basically completed, and the draft contract closely matches the actual demand of Guangdong's power spot market and has been widely recognized by industrial clients.

电力期货的发展离不开政策的持续支持。我国电力期货的政策发展经历了一个由初步探索到逐步推进和深化的过程。从2015年至2023年，相关政策文件不断发布，我国对电力期货的认识不断加深，电力现货市场日趋完善，电力生产消费端企业的避险需求得到了越来越多的重视。

The development of power futures cannot be separated from the continuous support of policies. The policy development of China's power futures has experienced a process from initial exploration to gradual promotion and deepening. From 2015 to 2023, relevant policy documents have been continuously released, China's understanding of power futures has been deepening, the power spot market is becoming more and more perfect, and the hedging needs of enterprises on the production and consumption side of power have been given more and more attention.

2015年，国务院发布的《中共中央国务院关于进一步深化电力体制改革的若干意见》（中发〔2015〕9号）中提出了待时机成熟时，探索开展电力期货和电力场外衍生品交易的目标，为我国电力期货市场的发展奠定了基础，标志着政府对电力市场化改革的初步探索和对风险管理工具的认识。2022~2023年是我国电力期货政策的逐步推进之年，随着我国经济的快速发展，工业用电不断增加，电力现货市场不断完善，对国内电力金融市场建设的呼声也愈发高涨。2023年，人民银行联合证监会等五部委共同发布了《关于金融支持前海深港现代服务业合作区全面深化改革开放的意见》（银发〔2023〕42号）以及《关于金融支持横琴粤澳深度合作区建设的意见》（银发〔2023〕41号），同时，国家发改委也印发了《粤港澳大湾区国际一流营商环境建设三年行动计划》。这些重要文件均明确提出了对广州期货交易所建设电力期货市场的大力支持。2023年10月，广东省发改委、南方能监局发布的《南方（以广东起步）电力现货市场建设实施方案（试行）》（粤发改能源〔2023〕304号）中，提出了探索开展电力期货和电力场外衍生品等交易的具体措施，标志着电力期货市场改革和创新的具体实施阶段的开启。

In 2015, the State Council issued the "CPC Central Committee and State Council on further deepening the reform of the electric power system of a number of opinions" (Zhongfa [2015] No. 9), put forward when the time is ripe to explore the development of electric power futures and electric power over-the-counter derivatives trading objectives, laid the foundation for the development of China's power futures market, marking the government's initial exploration of market-oriented reform of electricity and the risk management tools of the Opinions on Financial Support for the Comprehensive Reform and Opening-up of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Yinfa [2023] No. 42) and Opinions on Financial Support for the Construction of Hengqin Guangdong-Macao Deep Cooperation Zone (Yinfa [2023] No. 41), while the National Development and Reform Commission (NDRC) issued the Three-Year Action Plan for the Construction of an Internationally First-Class Business Environment in Guangdong, Hong Kong and Macao Greater Bay Area. All of these important documents explicitly provide strong support for the construction of an electricity futures market by the Guangzhou Futures Exchange.2023 In October 2023, the Guangdong Development and Reform Commission (GDRC) and the Southern Energy Regulatory Commission (SERC) issued the "Implementation Plan for the Construction of the Spot Electricity Market in the South (Starting from Guangdong) (Trial Implementation Plan)" (Guangdong Development and Reform Energy 〔2023〕 No. 304), which put forward exploring the development of trading in electricity futures and power over-the-counter (OTC) derivatives and other specific measures, marking the opening of the concrete implementation phase of power futures market reform and innovation.

在未来，我国可通过试点模式不断发现、解决、完善电力期货产品类型与制度规则、交易流程的建设，借此建立机制逐渐合理化、产品体系逐渐丰富化、交易主体逐渐多元化、设施逐渐完备化的中国特色电力期货和电力金融市场，为世界电力金融市场贡献中国智慧、中国方案、中国力量。

In the future, China can continue to discover, solve and improve the construction of power futures products, system regulations and trading process through the pilot mode, so as to establish a power futures and power financial market with Chinese characteristics that is gradually rationalized in terms of mechanism, enriched in terms of product system, diversified in terms of trading subjects, and completed in terms of facilities, and to contribute to the world's power financial market with China's wisdom, China's solutions and China's power.