> the fundamental logic of markets is that there's a price point consumers will pay that's also profitable for the company

Electricity demand is price inelastic, meaning the consumer has no direct influence on prices, and will pay practically any price (well, up to a point). In the EU, the day-ahead spot prices are published every day at 2PM CEST, and it's a bidding market driven only by suppliers. If gas price goes up by x3, total electricity price average will go up by some linear factor, because gas turbines are absolutely required for surges/peaks - at least until we have enough batteries.

Calling this a market is stretching it IMO.