[neilknowsbest]

I agree with your general argument (retail consumers overwhelmingly do not face instantaneous price signals).

However, I think you can "panic buy" electricity. I live in a place with unreliable electricity. On hot days, I'm more inclined to cool my house with the AC earlier/colder than I would if I could absolutely count on the electricity being available. If the power goes out, at least my house is cool for a short while.