It's not a free market in Europe since there is vast amount of planning regulations involved etc. If you want to see free markets in action, look at the electricity prices in Texas, where ironically renewables are also the dominant source.
https://www.gridstatus.io/live
Texas is an interesting example because they allowed true unregulated rates for residential consumers. Consumers liked getting lower rates until that winter storm a few years ago had bills for some in the $thousands. Then they didn't like the free market so much.
It's not a free market in Europe since there is vast amount of planning regulations involved etc. If you want to see free markets in action, look at the electricity prices in Texas, where ironically renewables are also the dominant source. https://www.gridstatus.io/live
Texas is an interesting example because they allowed true unregulated rates for residential consumers. Consumers liked getting lower rates until that winter storm a few years ago had bills for some in the $thousands. Then they didn't like the free market so much.
It's actually fine in theory but it's nearly impossible to build anything in Ireland due to the way the planning laws work.
In an ideal situation we would be seeing a ramp up in production of all types to take advantage of the costs.