Earlier quoted context omitted.
> This outcome is in a particularly distorted badly operated market, one where for no very good reasons regulatory power is not being applied . . . You described most energy markets on the planet.
Not to the point where it costs $14,000 per MW. At that pricepoint hiring humans to hand crank generators is not the laughably ridiculous proposition it should be.
Really, people in AU don't pay 14$ per kWh making 14$ per MWh meaningless. They are really paying to keep generating capacity online not for actual power. A backup generator that's never used costs infinite dollars per W, that does not make it useless.
PS: Well under 1 million beause people can generate more power in short periods.