虽然电力的规模经济性在逐渐消失但仍不可忽视 ,全球电力市场都应定位于“管制竞争”的“初级阶段”,此阶段存在投资与交易两大电力市场 ,忽视投资市场必将受到惩罚。投资市场只能通过交易市场的竞争实现回报 ,但为保证市场效率 ,交易市场的运作目标又只能是运行成本最小化 ,而不能包括任何投资成本。广为采用的优良排序统一出清电价的短期边际成本方法可以保证市场效率 ,但是 ,在规模经济性条件下 ,该方法使投资成本不能充分回报 ,这正是国际上多数电力市场开放后投资疲软的深层原因。按第 1市场原则 ,在规模经济条件下 ,既要保证市场效率又要使投资得以充分回报 ,当量电价理论由此得以发展。另一方面 ,在容量平等竞争的市场中 ,新、老电厂之间有无还贷任务的差异不可忽视 ,企图在新、老电厂之间人为设置价格或产量壁垒更不可取。按第 2市场原则 ,在初分配阶段注重效率 ,在再分配阶段注重公平 ,因此必须而且只能在交易阶段之后引入现代金融财税制度调控。建议了 4种办法 ,包括税收、基金、企业间融资和重组等。从上述 2个基本市场原则出发 ,文中提出了发展新电价理论的 5个原则 ,在这 5方面当量电价都有良好的市场表现 Although the scale economy of power is gradually disappearing, it can not be ignored. The global electricity market should be positioned at the “primary stage” of “competition control.” There are two major power markets for investment and trading during this period. Neglecting the investment market will surely be punished. The investment market can only realize the return through the competition in the trading market. However, in order to ensure the market efficiency, the operation target of the trading market can only be to minimize the running cost and not include any investment cost. The widely adopted method of short-term marginal cost that unifies the short-term marginal cost of clearing price can ensure the market efficiency. However, under the condition of economies of scale, the method can not fully return the investment cost. This is exactly the reason why the investment of most international electricity markets is weak after the opening Deep reason. According to the principle of the first market, under the conditions of economies of scale, both the market efficiency and the investment should be fully rewarded, and the equivalent electricity price theory can be developed. On the other hand, in the market of equal capacity competition, the difference between the repaying tasks of new and old power plants can not be neglected. It is even more undesirable to attempt to manually set up price or output barriers between new and old power plants. According to the principle of the second market, focusing on efficiency in the initial distribution stage and fairness in the redistribution stage, it must and can only be introduced into the regulation of the modern financial and taxation system after the transaction stage. Four options are suggested, including taxes, funds, inter-firm financing and restructuring. Starting from the above two basic market principles, the paper proposes five principles for developing a new electricity tariff theory, in which all the equivalent electricity prices have good market performance