The Impact of Wholesale Price Caps on Forward Contracting
研究发现提高批发价格上限通常会增强电力买方的远期合约激励，但可能削弱发电商的激励，从而减少行业整体远期合约量。
Increasing (or eliminating) the caps on short-term wholesale prices is generally thought to promote long-term forward contracting for electricity. We find that a higher price cap typically enhances the incentives of electricity buyers (e.g., load-serving entities) to undertake forward contracting. However, a higher cap can diminish the incentives of electricity generators to engage in forward contracting. Consequently, higher wholesale price caps can reduce industry forward contracting.