This article considers fixed-terms transactions made by agents, in diverse segments ofthe Colombian energy power market, using forward contracts in order to secure buying/selling prices. The random behavior of prices and quantities, which is handled in theenergy power flux, implies the sacrifice of agents according to the transaction segment(regulated, non-regulated or intermediary). In addition to this, the premium, which is paidin the commercial exchange with forwards, is defined by the agents?expectations and is areflection of their risk aversion level. This involves financial rationality in the establishmentof the premium in order to secure a price on uncertain energy power quantity in the future.Thus, the measurement of such expectation becomes useful, as it is defined by the typeof market in which the transaction is being made.
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