The importance of balancing energy in the overall electricity market follows from the fact that it is required to ensure electricity system stability under the penalty of the blackout - if it is not available on a sufficiently firm basis.
What should be its price then? Some say that even greater than the VoLL, simply because of obvious collateral damages of the blackout.
Existing technical price limit (99,999 €/MWh) seems to be quite high and the ACER considers it is “sufficiently high”.
Nevertheless, it is transitionally lowered (see ACER Decision No 03/2022 of 25 February 2022 on the amendment to the methodology for pricing balancing energy and cross-zonal capacity used for the exchange of balancing energy or operating the imbalance netting process).
But the word: "limit" is not involved with any restrictions as when it is approached, its value is heightened. So, the sky is the limit?