>> It's generally not practical to shut down those facilities just because electricity prices are temporarily high.
On the surface, that sounds logic. In reality so, that is exactly what happens: as short notice reaction by big consumers (reducing or increasing consumption as needed), planning in accordance with electricity exchanges... And that behaviour is actually pretty profitable, it contributes to grid stability, enables more flexibility on the consumption side and is technically possible in a surprising number of high consumption industries (paper, chemicals, graphite, steel...).
On the surface, that sounds logic. In reality so, that is exactly what happens: as short notice reaction by big consumers (reducing or increasing consumption as needed), planning in accordance with electricity exchanges... And that behaviour is actually pretty profitable, it contributes to grid stability, enables more flexibility on the consumption side and is technically possible in a surprising number of high consumption industries (paper, chemicals, graphite, steel...).