This technical report IEC/TR 62510:2008(E) outlines the way in which electricity is now described as a product. Particularly, in Europe and several other areas, for example Brazil and Argentina, as well as in some states in the United States of America. It is, however, rather a unique product because of its intangible and transient nature. Strictly, it is a product that exists only for an instant at a given point of delivery, comes into existence at the same instant at which it is being used and is replaced immediately by a new product with rather different characteristics. Its characteristics are different at each separate point of delivery. Moreover, it is a product whose quality depends not only on the elements that go into its production, but also in the way in which it is being used at any instant by the equipment of multiple users.