Earlier quoted context omitted.
That is true when the market price is fairly static and doesn't change much. This is how it used to be when fossil fueled power dominated the grid, since the biggest cost is the fuel and that could scale based on demand. For EU this is no longer the case. The difference in market price between low and high can be above 100x. In theory a power plant could earn as much in 4 days as an other plant earn in a year worth o…
Those high points are better addressed by such things as hydrogen-burning turbines. Hydrogen produced from excess renewables during the price troughs, stored underground, then burned at the peaks. Because the capacity factor of these turbines would be low the cost of fuel would be acceptable, and their capital cost would be an order of magnitude below what a nuclear plant would cost, per unit of power output. Europe…
Producers of green hydrogen are currently more interested in delivering green steel, which pays much better than hydrogen-burning turbines. The general idea is that this will in the future reduce prices down to energy grid levels, and a researcher here in Sweden working on such project estimated prices to drop to those levels around ~2060-2080.
This could happen much earlier if prices continue to increase as they do, but who knows. It would make for a good A/B testing to produce both and see which one was the cheaper option, and if the green hydrogen power plant fail they can always just produce more hydrogen for steel production.