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It does. At some point the next marginal investor looks at the market and can’t make their money back.

But it is a problem for legacy thermal electricity producers being undercut by renewables and storage.

That's irrelevant to the point.

Why is it irrelevant? There has been recent research on just this question. It is still in its infancy with simplified models but their findings suggest that as grids decarbonize, storage will increasingly take over the price setting role traditionally played by conventional generators.

The new merit order: The viability of energy-only electricity markets with only intermittent renewable energy sources and grid-scale storage

https://www.sciencedirect.com/science/article/pii/S014098832...

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