Abstract
China's electricity market is being reformed continuously. The degree of linkage between the wholesale and retail markets is important in facilitating the balance of electricity generation and demand, and the consumption of renewable energy. In order to examine the factors influencing the degree of linkage between the wholesale and retail markets, a system dynamics model of the interaction between the two markets is developed. At the same time, we use the gray correlation analysis method to quantify the degree of price transmission between the two markets. The results show that the degree of price transmission between the two markets is associated with the proportion of electricity purchased by electricity retailers in the spot market and the proportion of customers' choice of tariff packages. In addition, we put forward policy recommendations to promote linkages between the wholesale and retail markets, which will provide a reference for the good development of the electricity market.
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