The Electricity Contract Market in England and Wales
研究了英格兰和威尔士电力市场中长期合同如何对冲现货价格，发现充分套期保值后发电商失去提价动力，合同市场竞争促使他们覆盖大部分销售。
In England and Wales, wholesale electricity is sold in a spot market partly covered by long‐term contracts which hedge the spot price. Two dominant conventional generators can raise spot prices well above marginal costs, and this is profitable in the absence of contracts. If fully hedged, however, the generators lose their incentive to raise prices above marginal costs. Competition in the contract market could lead the generators to sell contracts for much of their output. Since privatisation the generators have indeed covered most of their sales in the contract market.