The Brazilian spot needs to evolve!
The "spot" of electric energy is contained in two limits. The inferior and the superior.
The lower one is in the range of a few USD/MWh and the higher one is in the one hundred ball park.
In practice, a deformation arises, especially in relation to the upper limit. The unit cost of thermal plants that are dispatched when the water situation is more challenging is hundreds of USD/MWh.
It means that there is an excess that ends up being shared among other consumers.
It would be much more convenient if those who needed to sell "leftovers" on the free market received the real market value of the commodity, as well as those who wanted to buy volumes to close their needs also paid on real references.
The big advantage is the possibility to plan based on the real world. If prices are very high, those who can reduce their consumption will be interested in selling, as prices will encourage them in this direction.
If that were the case, it would be the consumers who would manage their risk. As it is, there is a systemic loss of opportunities. Change aims to bring new chances for buyers and sellers!