For the most part, we have solved this problem with electricity. The wholesale price of electricity varies contiually due to market/grid conditions. However, regular consumers do not purchase electricy wholesale. Instead, they buy electricity at a fixed rate from an energy provider, which then buys at the spot price [0]. The energy provider charges a premium (on average) for the service, and utilizes various financial instruments to mitigate their downside risk.

Some markets allow energy providers to pass the spot price onto their constumers. This allows them to offer, on average, lower prices; but exposes the customers to the downside risk of high spot prices. Of course, those customers sign up for the low price, and do not purchase any of the financial instruments that make the fixed priced system viable. When spot prices get too high, they have a serious problem, that can infect the entire market if too many people are on such a plan and cannot pay.

Texas ran into this problem a few years back. I would like to think they outlawed spot pricing for normal customers because of it, but I'm not sure. Regardless, I would assume that most people learned their lesson and are now on fixed priced contracts.

Major electricity users also tend to be larger industrial or commercial entities, who can handle spot prices better than consumers. In addition to being able to purchase the same financial instruments energy provides do. These users are also in a position to significantly reduce electricity usage when given the proper market incentive, allowing both them and the grid the ability to realize the theoretical benefit of spot prices.

[0] I am not familiar with every market. There may be somewhere where people buy directly from the utility, although the overall story is mostly the same.