ԅՋԍᥝᅩհҘय़ਤࠟߝጱᅩհԻฃᎣग़੝Ҙ 3/28/17, 9*45 PM

ԅՋԍᥝᅩհҘय़ਤࠟߝጱᅩհԻฃᎣग़੝Ҙ
2016-11-25 ᑀᥜࡱ ୚Ӟ࿵ၚ࿜

੕᧛ғय़ਤࠟߝጱԻฃཛྷୗ҅ԅՋԍӧਫ෸Իฃᘒᥝ

᯻አᅩհጱොୗҘ๗ᨵ‫ݪل‬ጱՈާ᧔ᬯฎᤈᥢ҅ᮎ֦
ฎ‫ވ‬ԧᥴᬯᐿԻฃොୗํՋԍܲ‫ޫࢩܻݥ‬Ҙ

Ӟ̵ᅩհӨᅩհԻฃ

ᅩհҁPricing҂ฎሿᨵᨻᲀ෸ጱӞᐿਧհཛྷୗٌ҅ਫ᪙च૧ԻฃฎӞ໏ጱ҅‫ݝ‬ฎࣁࢵٖ
ጱଫአ෱๗ဌํच૧Իฃᥝ࿢ጱᮎԍᥢ᝜ᘒ૪̶ᅩհԞ੪ฎᏟਧ̵៧ਫሿᨵᨻᲀհ໒
ҁspot pricing҂҅ฎ՗ࢵक़ᔕࠟ؉ᬰ‫ݗڊ‬ᩆฃ෸୚ᬰጱӞӻ༷ஷ๋҅୏তᘉᦲጱ෸‫҅ײ‬
಩spotҁሿᨵ҂ᘉᦲ౮ԧ“ᅩ”҅ࢩԅspotጱ‫ݚ‬क़Ӟӻ఺௏੪ฎ෌ᅩ̶ಅզํԧᅩհᬯӻ
᧔ဩ̶

ᅩհԻฃጱ఺௏ฎ҅୮ሿᨵᨻᲀ‫݌‬ොࣁᏟਧሿᨵԣ‫ܕ‬հ໒ጱ෸‫҅ײ‬ଚӧฎᏟਧӞӻกᏟ
ጱհ໒҅ᘒฎᏟਧӞӻਧհ‫ل‬ୗ҅ᬯӻ‫ل‬ୗ੪ฎ“ሿᨵԣ‫ܕ‬հ໒ = ๗ᨵհ໒ + ‫܋‬ᩂ࿜”̶
᭗ଉࣁᓋᦈԣ‫ݶݳܕ‬ጱ෸‫ض҅ײ‬Ꮯਧ‫܋‬ᩂ࿜҅ᆐ‫ݸ‬ԣො‫ݢ‬զࣁᵋ‫ݸ‬ጱӞྦྷ෸ᳵٖҁᅩհ

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ԅՋԍᥝᅩհҘय़ਤࠟߝጱᅩհԻฃᎣग़੝Ҙ 3/28/17, 9*45 PM

๗҂҅໑ഝ๗ᨵհ໒ጱ‫ݒ‬۸๶ᭌೠհ໒҅ྲইᓋᦈ‫ݶݳ‬Ӟӻ์‫ݸ‬ጱ຤ॠ҅ԣොᦊԅ୮‫ڹ‬
ጱ๗ᨵհ໒ٚԞ᪏ӧӥ݄ԧ҅ಅզ੪᭗Ꭳ‫ܕ‬ො҅አᬯӻ෸‫ײ‬ጱ๗ᨵհ໒๶ᦇᓒሿᨵԣ‫ܕ‬
հ໒҅ᬯ੪ฎᅩհጱᬦᑕ̶

ԫ̵ᅩհ๗

᭗ଉఘ‫٭‬ӥ҅ᅩհ๗ጱᏟਧኧ‫ܕ‬ො๶Ꮯਧ҅୮ᆐԞํԣොᏟਧጱ෸‫҅ײ‬ᬯ஑፡‫݌‬ොጱ᧨
‫ڣ‬ᚆ‫ێ‬ԧ̶

ԣො஠ᶳࣁᅩհ๗ٖᅩհ҅‫ܕڞވ‬ො੪஑ೲ෬ਧጱհ໒౲ᘏ๋‫ݸ‬෸‫ڰ‬ጱ๗ᨵհ໒๶ᦇᓒ
ሿᨵԣ‫ܕ‬հ໒҅ᬯᑍԅ୩ᤈᅩհ̶

ӣ̵ᅩհጱ֢አ

ᅩհጱ֢አ֛ሿࣁᕳԣොӞӻᭌೠհ໒ጱ๢տ̶๋‫҅ڡ‬ᅩհଉአࣁय़ਤࠟߝᬰ‫ݗڊ‬ᩆฃ
୮Ӿ̶ࢩԅᬰ‫ݗڊ‬ᩆฃᵱᥝྲ᫾ᳩ෸ᳵጱᇔၞ෸ᳵ҅ᘒᬯྦྷ෸ᳵٖᨵᇔጱ૱࣋հ໒‫ݢ‬ᚆ
‫ݎ‬ኞஉय़ጱ‫҅ۖݒ‬զᛗԭ੒ԣොஉӧ‫ݳ‬ᓒ̶ֺই҅Ӿࢵጱရᚇմӱ՗ᗦࢵᬰ‫ݗ‬य़ᨗ҅᛼
๗40ॠ̶ᬰ‫ݗ‬य़ᨗ෸҅ᥝԻྯ᛼500ӡ‫ز‬ጱ‫ᦤכ‬ᰂ҅ྯ᛼य़༷5.5ӡ‫̶ފ‬՗य़ᨗᐶ୏ᗦ
ࢵ჈‫҅ݗ‬ᥝᕪᬦ40ॠૢ‫ݦ‬಍‫ک‬ᬡӾࢵ჈‫ࣁ̶ݗ‬ᬯ40ॠԏٖ҅य़ᨗհ໒‫ݢ‬ᚆ૪ᕪ‫ݎ‬ኞय़
ଏጱӥᴳ҅զᛗԭӾࢵጱᬰ‫ֵܨࠟݗ‬න୒ᬯ500ӡጱ‫ᦤכ‬ᰂଚེٚ՗‫ࣈڦ‬೭ᨵ҅Ԟྲፗ
ളᥝᬯ᛼ᨵ‫ښ‬ᓒ̶ᬯ੪੕ᛘஉग़Ӿࢵᬰ‫ࠟݗ‬ᬲᕅ̶ᬯ໏ጱᦾ҅ኞ఺੪؉ӧӥ݄ԧ̶ಅ
զ҅ᗦࢵጱᔕࠟ੪᪙Ӿࢵጱᬰ‫ࠟݗ‬ᓋᦈӞӻᅩհ‫ᦏ҅ᦓܐ‬Ӿࢵᬰ‫ࣁࠟݗ‬ᓋᦈ‫ํݸᦓܐ‬35
ॠጱᅩհ๗҅ࣁᬯᎨ෸ᳵٖ҅ᬰ‫ݢࠟݗ‬զೲᆙCBOTጱय़ᨗհ໒ᬰᤈᅩհ҅ᅩհ෸ḘӤ
᭗Ꭳᗦࢵᔕࠟ‫̶ݢܨ‬ᬯ໏੪᭿‫ع‬ԧၹӤᬩᬌ๗ᳵय़ᨗհ໒य़ଏӥ᪏੕ᛘጱᬲᕅᳯ̶᷌Ӿ
ࢵᬰ‫ݗ‬մӱ‫ݢ‬զࣁհ໒ӥ᪏‫҅ݸ‬አӥ᪏‫ݸ‬ጱ֗հ๶ᕮᓒ҅ᬰ‫ݗ‬౮๜Ԟᴳ֗ԧ̶ಅզฎ‫݌‬
ᩬጱੴᶎ̶

ᬯ෸֦‫ݢ‬ᚆտᳯ҅հ໒ӥ᪏‫҅ݸ‬ᗦࢵᔕࠟӧ੪‫ݰ‬Ԯԧ‫ހ‬Ҙٌਫӧᆐ҅ᗦࢵᔕࠟ᭗ଉࣁ๗
ᨵӤ؉ԧॺ๗‫כ‬꧊҅ಅզ‫ݸ‬ᶎጱհ໒෫ᦞெԍ‫҅ݒ‬᮷ӧெԍտ୽ߥ‫ک‬՜ጱᶼ๗‫ڥ‬ႎ̶

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ԅՋԍᥝᅩհҘय़ਤࠟߝጱᅩհԻฃᎣग़੝Ҙ 3/28/17, 9*45 PM

ࢥ̵ᅩհԻฃ‫ړ‬ຉ

֕ฎ҅Ӿࢵጱᬰ‫ݗ‬մӱᶎԁ፳᷐क़ጱᷚᴾ҅ᮎ੪ฎ‫؃‬ᝑ40ॠ᛼๗ٖհ໒ဌํӥ᪏҅‫ݍ‬ᘒ
Ӥ‫܋‬ԧ҅ᮎԍᬰ‫ݗ‬ጱ౮๜‫ݍ‬ᘒӤ‫܋‬ԧ̶ಅզ҅Ӿࢵጱմӱࣁ஠ᥝฎ҅Ԟᵱᥝ؉ॺ๗‫כ‬
꧊̶‫୏ڟ‬তጱ෸‫҅ײ‬ᬯԶմӱ᮷ဌํ‫כ‬꧊ጱ఺ᦩ҅զᛗԭࣁ2004-2005ଙ๗ᳵ҅உग़՗
Ԫय़ᨗᬰ‫ݗ‬ጱӾࢵရᚇմӱࣁᬩአᅩհᨻ‫ف‬य़ᨗ෸҅ኧԭय़ᨗհ໒௒᭛Ӥ‫܋‬ᘒ᠃‫ݑ‬உय़
ጱԮഖ҅உग़մӱᏈԾ౲ᘏᤩक़ᩒතᨻ̶ᬯ੕ᛘԧፓ‫ڹ‬౯ࢵጱရᚇմӱํਖ਼ᬪ80%ጱᙎ
๦ฎᤩक़ᩒഴ‫ګ‬ጱ҅ෆӻᤈӱ᮷მᨳԧ̶਍ᜏӧᔜ̶

य़ᨗ‫ࣁࠟݗڊ‬՗١࣋ԣ‫ف‬य़ᨗጱ‫ݶ‬෸ࣁCBOTӤ‫ܕ‬ᑮय़ᨗ๗ᨵ‫ݳ‬ᕅ҅ଚࣁ੒ොᅩհ෸ଘ
ՙ̶य़ᨗᬰ‫ࠟݗ‬चԭᤈఘጱ‫ڣ‬ෙҁইຎᦊԅӤ႐҂҅ࣁCBOTӤᭇ෸ࣈԣ‫ف‬य़ᨗ๗ᨵ‫ݳ‬
ᕅ҅ଚࣁᅩհ෸ଘՙ̶ᬯฎࣁᨻᲀᴤྦྷጱॺ๗‫כ‬꧊̶ᬰ‫ࠟݗ‬ጱॺ๗‫כ‬꧊ํྲ᫾य़ጱᅎၚ
௔҅ฎ‫כ̵כॺވ‬ग़੝̵Ջԍ෸‫ײ‬඙֢҅ᬯԶᳯ᷌᮷஑ᕪᬦႮ‫ف‬ጱᎸᑪ๶٬ᒽ̶

୮Ӟӻᤈӱ‫ک઀ݎ‬Ӟਧጱޮ๗‫҅ݸ‬ᒋԩᘏහᰁྲ᫾य़҅ᒋԩտ‫҅ۂے‬ᤈӱଘ࣐‫ڥ‬ႎӥᴳ
ኜᛗ୭ᵭ̶ᬯӻ෸‫҅ײ‬੪ᥝ꧌‫ݎړ‬ഀ๗ᨵጱ‫כ‬꧊‫ۑ‬ᚆ҅಍ᚆֵ஑մӱጱᕪ០තፅ‫כ‬೮ᑞ
ਧ҅ӧ‫ݎ‬ኞԮഖ҅ᬰᘒꂁᬦᬯྦྷޮ๗҅಩ᬯྦྷ෸ᳵٖԮഖጱԾᚆᵞӾ᩸๶ҁ᭗ᬦّଚ̵
තᨻᒵොୗ҂҅಩ᛔ૩؉୩؉य̶़ፓ‫҅ڹ‬౯ࢵጱ۸ૡᤈӱ̵ᰩ᱈ᤈӱच๜Ӥ᮷‫ک઀ݎ‬ԧ
ᬯӻᴤྦྷ҅ಅզᬪ‫پ‬ଙ๶۸ૡ̵ᰩ᱈Ծӱ᱾ጱ๗ᨵߝᐿ᷇ᔺӤ૱҅੪ฎଆۗᬯԶᤈӱᬰ
ᤈᕮ຅᧣ෆ̵‫܋‬ᕆአጱ̶‫ݢ‬ఠஉग़ᤈӱٖጱմӱဌํ఺ᦩ‫ک‬๗ᨵ੒ԭਙժኞਂጱ٬ਧ௔
֢አ̶୮ᆐ҅Ԟํ຤Զմӱํᬯ໏ጱ఺ᦩଚᑌຄᬰ݄҅ಅզ౯ժ፡‫ک‬ᅩհԻฃ̵च૧Ի
ฃᒵᒵෛጱӱ‫ۓ‬ཛྷୗࣁ᭑ႹࣈᤩᬯԶᤈӱٖጱ‫ض‬ᬰմӱಅ᯻ᕑ̶

֢ԅኞԾࠟ҅᭗ᬦᅩհԻฃ҅ᚆड़ᕳٌਮಁๅग़ጱᭌೠ҅‫ݶ‬෸հ໒Ԟๅ‫لے‬ଘ̵᭐ก҅
፜݄ፘ԰ᧃհ̵ਧհጱᬦᑕ҅පሲๅ‫ے‬ṛ҅ᚆड़಩ኞ఺᩼؉᩼य़҅ᬯฎᅩհԻฃ੒ਙժ
ጱঅ̶॒

֢ᘏғᑀᥜࡱ
๶რғᎣԒ

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ԅՋԍᥝᅩհҘय़ਤࠟߝጱᅩհԻฃᎣग़੝Ҙ 3/28/17, 9*45 PM

ᳩೲӥොԫᖌᎱ‫ဳى‬ၚ࿜ᦞ

ᦏ֦ӧᲙᬦྯӞӻ਍ԟय़ਤጱ๢տ

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