[savanaly]

This is a good point. Markets sting when they skyrocket to high prices. But the sting is supposed to be matched bit for bit by the benefits-- incentivizing people to cut back when they should (something most people would only begrudgingly acknowledge as a benefit when it's happening to them, if acknowledge it at all), and incentivizing innovative behaviors to exploit it to make a quick buck.

I haven't heard much about that last part; like you said, it would be great if the market works such that on the margin a player can exploit that price to make a quick buck (by, e.g. rigging some kind of battery up before a storm that's coming and making bank off the arbitrage when the storm hits by emptying the battery back in to the grid). Now maybe the transaction costs or economies of scale or whatever make that infeasible-- if so too bad-- but it's worth remembering this is half the benefit of a market system.