It's not a free market in Europe since there is vast amount of planning regulations involved etc. If you want to see free markets in action, look at the electricity prices in Texas, where ironically renewables are also the dominant source. https://www.gridstatus.io/live

It's actually fine in theory but it's nearly impossible to build anything in Ireland due to the way the planning laws work.

In an ideal situation we would be seeing a ramp up in production of all types to take advantage of the costs.