In restructured electricity markets, participants have the option of trading financial forward contracts prior to the spot market. To evaluate the interactions between the forward and spot market, we have created ELFORSPOT, a Complementarity Programming model. It is a deterministic model of multiple suppliers and customers that resembles a potential future Ontario-like electricity market for a period of one year. There are three formulations of ELFORSPOT. The first focuses on suppliers' knowledge of the effect of the forward contracts on the spot equilibrium. The second simulates a market under various competition assumptions for strategic suppliers. The third extends the formulation of the second to include strategic customers which, similar to suppliers, anticipate the effect of their bids on the market prices. To illustrate the usefulness of these models, we focus on the behaviour of a new entrant which has higher variable cost and annual capital charges than the existing generation.