ガス料金における原料費調整制度のリアルオプション分析
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概要
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This paper analyzes and quantifies the risk of volatile natural gas price movement in gas distribution price. Japanese gas distribution price regulation allows gas distribution companies to transfer the change of natural gas price into the gas distribution price, subject to pre-determined threshold. This paper assumes this contract as an insurance provided by the companies to consumers. Based on this assumption, valuation method of the risk with some implications on current regulation is suggested.