energy pricing is ostensibly all market-based here, with only spot and day-ahead markets whereas most (all?) other ISOs have year-ahead capacity auctions. the upshot for producers is that peak rates are capped much higher, around $10k here vs around $2k elsewhere. this worked for a while but renewables can often sell at near zero thanks to tax credits, so there's more volatility and destructive competition now. dispatchable producers stay competitive with a poor state of repair and a more selective approach to generation that favors peak hours. this is why in the summer we are constantly getting conservation notices but rarely have wide blackouts, as spikes to $1500+ are ordinary and we've hit $4000+ more than once this year