根据能源价格的构成,建立了基于合理投资回报率的能源比价模型。并根据能源之间的投入产出关系、可替代关系,分析了不同关系下的合理能源比价关系。根据中国的实际情况,基于投入产出法,以煤炭—电力的比价关系分析为例,分析了煤—电产业链上各环节的成本,对煤炭与电力的合理比价关系进行了分析,并对影响比价关系的因素进行了敏感性分析,得出中国平均销售电价与煤价的比价在8∶1至10∶1之间为宜;同时,基于可替代关系,对天然气与可替代能源(原油、煤炭、电力)的合理比价关系进行了分析。并通过分析验证了所用方法的合理性。 According to the composition of energy prices, an energy parity model based on a reasonable return on investment is established. Based on the input-output relationship between energy sources, this paper analyzes the relationship between the ratio of reasonable energy under different relations according to the relationship between them. According to China’s actual conditions, based on the input-output method, taking the coal-electricity ratio relationship analysis as an example, this paper analyzes the cost of each link in the coal-electricity industry chain and analyzes the reasonable price-price relationship between coal and electricity. Sensitivity analysis of the factors that affect the relationship between price and price. It is concluded that the ratio between the average selling price of electricity and the coal price in China is between 8: 1 and 10: 1. Meanwhile, based on the substitutable relationship between natural gas and alternative energy , Coal, electricity) were analyzed. The rationality of the method is verified by analysis.