This chapter presents the challenges and improvements in electricity futures markets from the perspectives of global market liberalization and the ongoing decarbonization of the power sector. Originally designed to hedge against price volatility in competitive electricity systems, electricity futures have evolved into key instruments for investment planning, price discovery, and comprehensive risk management. The transition to low-carbon energy, marked by a surge in variable renewable energy (VRE), has introduced new volatility patterns across temporal and spatial dimensions—necessitating advancements in forecasting, locational hedging, and weather-contingent financial contracts. Decarbonization has also reshaped the structure of financial instruments: formal carbon pricing mechanisms and the growth of green finance have driven the emergence of carbon-linked and sustainability-driven derivatives. These instruments help connect financial risk management with climate goals, strengthening the dual financial and environmental role of electricity futures markets. In doing so, futures markets can actively shape the path toward more resilient, net-zero electricity systems.