Power companies tend to buy hedges and other financial instruments to offset the risk. The ones that went bankrupt like Griddy were strict wholesale passthrough

Power companies tend to buy hedges and other financial instruments to offset the risk. The ones that went bankrupt like Griddy were strict wholesale passthrough. That's not say someone isn't eating the cost of the high spot prices, it's just a lot of that cost is borne by sophisticated professionals who's job it is to price risk and black swan events. The problem with wholesale passthrough rates is consumers are rarely sophisticated enough to understand the details of energy markets and the financial instruments to offset the risk.