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If the power utilities generation capacity is maxed out they have to go out in the market to buy enough power to supply their customers. Since a power utility cant store electricity, it made as it is used basically.

Yep. Another complicating factor is that unreliable electricity generation sources like wind aren't producing today. Those wind farms sold what they expected to be their baseline generation. When the windmills froze, the wind farms couldn't produce the electricity they had already sold. They had to go buy electricity in the spot market.