... advantage of vesting contracts in the initial stage of the deregu16 2.2 Review of bilateral contracts lated electricity markets He used California crises in 2000 and 2001, during which vesting contracts ... effects of price uncertainty Chang and Park (2007) presented that the introduction of vesting contracts may reduce the variance of electricity prices in Singapore Also, the signing of bilateral contracts ... MCP is reduced in the spot market with contracts The variances of MCP are identical with and without bilateral contracts However, the variance of CP is reduced with contracts In addition, we...