Zhao,X., Lyon,T.P., Wang,F. and Song,C.(2012): Why do electricity utilities cooperate with coal suppliers? A theoretical and empirical analysis from China. Energy Policy, 46, 520-529.

『なぜ電力公共事業体は石炭供給者と協力するのか？　中国からの理論および経験分析』

『Abstract
　The asymmetry of Chinese coal and electricity pricing reforms leads to serious conflict between coal suppliers and electricity utilities. Electricity utilities experience significant losses as a result of conflict: severe coal price fluctuations, and uncertainty in the quantity and quality of coal suppliers. This paper explores whether establishing cooperative relationships between coal suppliers and electricity utilities can resolve conflicts. We begin with a discussion of the history of coal and electricity pricing reforms, and then conduct a theoretical analysis of relational contracting to provide a new perspective on the drivers behind the establishment of cooperative relationships between the two parties. Finally, we empirically investigate the role of cooperative relationships and the establishment of mine-mouth power plants on the performance of electricity utilities. The results show that relational contracting between electricity utilities and coal suppliers improves the market performance of electricity utilities; meanwhile, the transportation cost savings derived from mine-mouth power plants are of importance in improving the performance of electricity utilities.

Keywords: Electricity and coal firms; Cooperation; Coal and electricity price』

1. Introduction
2. History of coal and electricity price reforms in China
　2.1. History of Chinese coal price reform
　2.2. History of Chinese electricity pricing reform
3. Theory of relational contracting and its potential role in alleviating conflicts between electricity utilities and coal suppliers
4. Empirical analysis of the value created by cooperation between electricity utilities and coal suppliers
　4.1. Methodology and data collection
　4.2. Results and discussions
5. The impact of mine-mouth plants on the performance of electricity utilities
　5.1. Methodology
　　5.1.1. Neo-classical model
　　5.1.2. Unit root test
　　5.1.3. Test for co-integration
　5.2. Data collection and disposal
　5.3. Results and discussion
　　5.3.1. Co-integration test results and discussion
　　5.3.2. Vector error-correction
　　5.3.3. Generalized impulse response analysis
6. Conclusion
Acknowledgements
References

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