A forward contract whereby one counterparty is contractually obliged to buy from, or sell to, another counterparty a fixed amount of electricity at a pre-specified contract price (the forward price) at a certain time in the future. In other words, electricity forwards are customized supply contracts between a buyer (consumer or user) and a seller (supplier), where the buyer is under obligation to take electricity supplied by the seller, and the seller is obligated to supply electricity to the user.