My understanding, to put it in AWS EC2 pricing terms, is that we do not pay the market "spot" rate for electricity (variable, often less than what you might pay elsewhere, but could spike up) - which is what Texas allowed. Typically we pay the "on demand" rate which is fixed. Large energy users probably negotiate "reserved" pricing.
My point being, we pay the market rate, those massive hikes are just built-in over a long period of time.
My point being, we pay the market rate, those massive hikes are just built-in over a long period of time.