Abstract: The risk existing in electricity markets is analyzed. Aiming at the electricity trade, a framework for the risk management for electricity markets is proposed based on the financial risk management techniques. It consists of two main aspects of risk control and risk assessment, including three parts: hedging, portfolio optimization and risk measure. These techniques and their application in electricity trade are classified. The main achievements and progress of domestic and international research are summarized. Several important subjects that need to be further studied in risk management for electricity trade are discussed.