Not exactly. The spot market and the long term contracts & futures are complementary. The spot market does tend to follow the anomalously high marginal price cl

Not exactly. The spot market and the long term contracts & futures are complementary. The spot market does tend to follow the anomalously high marginal price closely but there are lots of years long contracts which do not. See eg https://fsr.eui.eu/electricity-markets-in-the-eu/ https://fsr.eui.eu/electricity-markets-in-the-eu/