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The Brazilian Market Structure: Strengths and Improvements Still Needed

机译:巴西市场结构:仍需要增强和改进

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Brazilian market structure is based on two markets operating together: the regulated market (RM) and the free market (FM), with RM being 76% of total demand.These two markets, even though operating together, have different regulatory rules, as well as different consumers’ profiles.In the RM, the fundamental instrument for generation expansion is the set of auctions to supply energy to captive consumers through new generation, where generator candidates compete among them for regulated contracts with the distribution companies. The outputs of those auctions show the long term prices of energy, taking into account that the contracts are signed for twenty (20) years, in general.On the other side, are the free consumers, who have a clear preference for short term contracts, so that they can explore periods of low spot prices and favorable picture in the offer x demand scenario. Being predominantly hydro, the Brazilian system shows several periods of low spot prices and few periods of extremely high spot prices, depending on hydrological conditions.This paper will present a brief analysis of the main cornerstones of such commercial environments, will provide some examples of markets behavior and make some suggestions for improvements.
机译:巴西的市场结构基于两个共同运作的市场:受监管的市场(RM)和自由市场(FM),其中RM占总需求的76%。 尽管这两个市场一起运作,但它们具有不同的监管规则以及不同的消费者档案。 在RM中,发电量扩展的基本工具是一套拍卖,通过新一代发电为俘虏的消费者提供能源,候选发电商在其中竞相与配电公司签订受监管的合同。这些拍卖的输出显示了能源的长期价格,考虑到合同通常签订二十(20)年。 另一方面,是自由消费者,他们对短期合同有明显的偏好,因此他们可以在报价x需求情景中探索低现货价和有利状况的时期。巴西系统主要是水力发电,根据水文条件的不同,有几个时期的现货价格较低,有几个时期的现货价格极高。 本文将对这种商业环境的主要基石进行简要分析,提供一些市场行为的例子,并提出一些改进建议。

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