实体和虚拟天然气交易枢纽的对比研究

随着我国天然气市场化改革有序推进,天然气交易枢纽的构建迫在眉睫。对国外普遍应用的两类天然气交易枢纽——实体交易枢纽和虚拟交易枢纽进行了对比分析和研究,主要包括:①两类交易枢纽所在的管网设施具有不同的物理结构、运营机制、监管机制、定价机制和投资方式;②两类交易枢纽所构建的天然气交易市场具有不同的运营机制和效率。由此提出选择与构建我国天然气交易枢纽的建议:①可利用跨省天然气管道的交叉点或一段管道建立实体交易枢纽;②省内天然气管道适合发展为虚拟交易枢纽;③每个交易枢纽通过供需均衡形成枢纽价格,枢纽之间通过无套利均衡实现全国天然气市场的一体化;④各交易枢纽通过竞争实现优胜劣汰,参与者多、交易量大、流动性好和透明度高的交易枢纽逐渐成熟并发展为基准交易枢纽。

A comparative study of physical trading hub and virtual trading point

With the orderly advancement of China"s natural gas market-oriented reform, the construction of natural gas trading hubs is urgently needed. The author conducts comparative analysis and research on two kinds of natural gas trading hubs widely used abroad - physical trading hubs and virtual trading points, including: (1) Pipeline network facilities of these two types of trading hubs have different physical structures, operations, supervisions, pricing mechanisms and investment methods; (2) Natural gas trading markets based on these two types of trading hubs have different operating mechanisms and efficiency. Therefore, the author proposed the recommendations for selection and construction of China"s natural gas trading hubs: (1) Intersection or a section of pipeline on trans-provincial natural gas pipelines (state network) can be used to construct physical trading hubs; (2) Provincial natural gas pipeline networks (provincial networks) are suitable for development into virtual trading points; (3) Each trading hub forms a hub price through the balance between supply and demand, while national gas market integration is realized through arbitrage-free equilibrium between trading hubs; (4) Trading hubs achieve survival of the fittest by means of competition, and those with more participants, larger transaction volume, higher liquidity, and better transparency have gradually matured and developed into benchmark trading hubs.