Yes, there are longer-term contracts, only a portion of the power is traded at the spot price. That said, you would think that the gas generator company could

Yes, there are longer-term contracts, only a portion of the power is traded at the spot price. That said, you would think that the gas generator company could just bid the load they've agreed to supply under the long term contract into the spot market when the price dips negative. I assume there is a good reason why this isn't done.