Load-Following Forward Contracts
研究了电力市场中负荷跟随远期合约（LFFCs）对批发价格的影响，发现相比标准掉期合约，LFFCs能降低价格波动但可能提高预期价格，从而减少消费者剩余和总剩余。
Suppliers and large buyers of electricity often sign load-following forward contracts (LFFCs). A LFFC obligates an electricity supplier to deliver at a pre-specified unit price a fraction of the buyer’s ultimate demand for electricity. We show that relative to more standard (“swap”) forward contracts, LFFCs can reduce the variation in the wholesale price of electricity. However, LFFCs also can increase the expected wholesale price and thereby reduce expected consumer surplus and total surplus.