Forward electricity protects against short-term price uncertainties, improving stability. The Agency for the Cooperation of Energy Regulators (ACER) must facilitate contestable energy markets and need to understand cross-border forward products and the platforms on which they are traded. ECA is analysing: risk hedging tools used, whether they provide liquidity and are efficient, how the Agency can test and report on their operation, and that of Forward Capacity Allocation mechanisms in particular.