This gets back to what Brisket mentioned earlier, which is a "capacity market" which more or less pays generators to be available when needed. That's one way to help cover the losses when they do need to turn on and operate at a loss.
And the question of losses also gets to a major problem with the utility industry that there is no "real time" pricing for consumers, there are only pleas from the grid operator for conservation. Think of "surge pricing" for Uber and apply it to electricity and gas usage. Some people say that something like that is inhumane or unreasonable or unfair, but without it you get the situations posted upthread of people throwing parties and blasting their outside lights and running their clothes driers. If the grid operator declared an emergency and said, "Everyone who is consuming more than _____ kw is getting charged the full $9 price for each extra kwh", most people would turn those lights off quick. Set the baseline in emergencies to some level based on heating one room or running one light etc and then charge the hell out of the people who violate it during an emergency.
Conversely, if a generator knew that he was going to get compensated for the full cost of his super expensive generation by some dumbass who wanted to waste electricity, he might choose to keep his plant on and make those expensive megawatts instead of removing the production from the market.
The problem is that it is politically unpopular to give real time price signals to consumers while the producers are expected to abide by their own, but only when it is beneficial to the consumer. We have the technology with smart meters to be able to monitor (and even curtail) usage in real time, but every time the subject gets brought up the story turns into "big brother" and privacy instead of energy supply and demand.
But shit, as a society we are opposed to ANY real rime price signals to consumers in ANY market. "Price gouging" is nothing more than scarcity pricing during periods of usual supply and demand. If you don't want someone buying up all the TP at HEB during Covid, charge 10x the regular price per roll and then the Karen buying it all up might think twice and leave some for someone else to buy. Same as with plywood and water during a hurricane. Raise the price so that those who aren't conserving have an incentive not to use so much so there's more to go around and people value it properly. This kind if pricing would solve a huge portion of our energy issues during emergencies, but politicians for very obvious reasons are never willing to take that step.