隨者經濟的快速增長與近年來的氣候變遷、全球暖化，造成電力供需不確定性與波動增加，進而影響電價的波動，使得電力公司之盈餘受到影響，因此，完善的風險管理架構與精準的選擇權評價模式，將有助於電力公司之風險管理。

本研究蒐集美國最大的兩家上市電力公司之季盈餘資料與PJM(Pennsylvania-New Jersey-Maryland Interconnection transmission system)電力市場之電價、溫度資料、分別估計電價與溫度之隨機過程，再透過蒙地卡羅模擬法推導電價與溫度的選擇權價值與避險比率，最後，根據避險比率判斷電力公司盈餘在避險前後之差異性。

實證結果發現，電力公司若購買選擇權，可使其季盈餘的風險值與標準差皆變小，因此，季盈餘之下方風險與一般風險皆降低，其中，電力選擇權之避險效果較氣候選擇權差。

Due to climate changing, global warming, the uncertainty of power demand and supply has increased, which have impact on the volatility of power price, and power company's earnings. Therefore the perfect risk management framework is real needed for the power companies.
In this paper, we collect the two largest listed power companies' quarterly of earnings datas and the power price、temperature datas in PJM, and estimate the power price and temperature's stochastic process. Get the options value and hedging ration by Monte Carlo Simulation method. At last, we calculate quarterly earnings of the power companies and compare the difference between earnings with hedge and that without hedge position.
The result shows, the power companies can decrease the VaR and standard deviation of their quarterly earnings if they have used the options, which means through the options the power companies have the ability to lower the downside risk and overall risk, moreover the result also shows the hedging power of election options are better than weather options.