That's close to the way things work in Europe

Pricing for the next day is decided on the spot market, around 2-3 PM. All large consumers and producers place bids on one-hour slots until the market clears. Prices do not fluctuate minute-to-minute, but hour-to-hour. Consumers might opt in to electricity resellers selling spot prices, or get a fixed but usually higher guaranteed price per kWh. All that changes for the end consumer is that your electricity meter readings will be forwarded to a different company