Producers would supply the Pool, and consumers would receive from the Pool, with the electricity "spot" price being a market price - a continuous auction maybe - set periodically without any middlemen being involved.

ie direct peer to peer electricity between producer and consumer.

The current middlemen would morph to service provision in return for a share in the flow.

Speculators could buy and sell Units in the Pool, but their doing so would have no effect on the underlying "physical" market price.

See

Energy Pool

particularly slides 59 to 70

Units acquired by consumers are essentially a "hedge". if people want a geared investment/speculation, then they can borrow to buy Units, but it won't affect the market price of physical electricity.

"The future is already here -- it's just not very evenly distributed" William Gibson