The Brazilian Electricity Sector has undergone several regulatory changes throughout the 1990s, however, the energy rationing between 2001 and 2002, showed the need to adopt a more modern and efficient regulatory framework. Among the changes implemented by the new model, the free competition prices for the generation sector and a Free Trading Environment stands out as the most disruptives. These changes, as well as encourage tariff modicity, also allowed the players to hedge against changes in the electricity prices through futures/forward contracts. Unlike developed markets that have formal mechanism for free trading through a centralized stock exchange structure, Brazil still maintains an informal market through a decentralized counter structure, this situation results in a lack of transparency in the prices that generate difficulty in obtaining data and assertive analysis of the Brazilian futures/forward market behavior. The growth of the Brazilian forward market, in size and importance, recorded in recent years, justifies the need to deepen the analysis of this market. The objective of this paper is to understand the behavior of forward prices in relation to the expected future spot price based on market data collection methodology. The result of the study shows a contango behavior for the contracts of 2017 with maturity to 2018. The result is adherent to studies conducted in mature markets with reduced maturity time contracts.