報告書番号

Y08015

タイトル（和文）

卸電力取引所の活性化に関する現状と課題－市場参加者を対象とした意識調査を中心として－

タイトル（英文）

Issues in the Vitalization of Japan Electric Power Exchange - Analyses of Market Data and Surveys of Market Participants' Views

概要 （図表や脚注は「報告書全文」に掲載しております）

本研究では，これまでの日本卸電力取引所（JEPX）におけるスポット市場および先渡定型市場の取引の活性化の現状を把握するため，文献調査や公開データの分析を行うとともに，活性化が進まなかった要因について明らかにするため，市場参加者の意識調査を行った。意識調査では，電力市場全体の制度設計に関わる要因によって活性化が進まなかったと考える市場参加者が多いことが明らかとなったが，今後予定されている時間前市場の創設や新しい先渡の受渡ルールの追加によって改善が期待されるところである。また，卸電力取引所の運営に関する要因は，いくつかの例外を除き，活性化が進まなかった理由として関係があるとはあまり考えられていないことや，供給力やリスク管理といった点において，個々の市場参加者に制約があり，取引量を増やすことができないという側面もあることなどが明らかとなった。

概要 （英文）

This report analyzed the issues of vitalizing wholesale electric power exchange in Japan. Although trading volume has increased since the commencement of Japan Electric Power eXchange (JEPX) in 2005, the percentage share of trading volume in the spot (day-ahead) market based on the total demand for electricity has only been 0.4%, and trading activity in the forward market remains marginal. It has been argued that vitalizing the wholesale market is one of the most important issues in the restructuring of the electricity industry in Japan. We examined the potential for vitalizing the power exchange by analyses of the trading volumes and questionnaire surveys of market participants' views. We found that while there are some indications that the market still lacks liquidity, some market participants consider that the current level of trading volume is adequate. Since the trading volume and the number of participants have been increasing, it is important to observe carefully the subsequent developments of the market. On the other hand, the forward market is clearly illiquid and a majority of the market participants views that the trading volume in the forward market is inadequate. Some of the major problems in the institutional factors as indicated by our survey are to be addressed by the planned establishment of balancing market and changes in the trading forward contracts. The limit of transmission capacity between the regions and similarity of generating fuel mix among the participants are considered to be less relevant. The trading rules and operation of JEPX are considered to be less relevant except for potential for uneconomical scheduling in the spot market and lack of variety of the standardized forward contract terms. The individual circumstances of the market participants are also relevant, including capacity constraints and inability of managing price risk.

報告者

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