A key input parameter influencing the economics of chemical process electrification is the electricity cost and procurement mechanism. Electricity can be procured in advance via long-term bilateral contracts between the chemical plant and independent power producers and utilities with fixed contract terms (e.g., electricity price and quantity with conditions on emissions intensity). This strategy partially derisks chemical plants from the uncertainty and volatility of electricity prices at the expense of forgoing revenues from potential power grid services. Alternatively, electricity can be procured via a spot wholesale market, where prices can range from as low as negative to as high as thousands of dollars per MWh, depending on grid conditions. Volatility in spot electricity prices is expected to grow with increasing supply from variable renewable generation and demand-side participation from newly electrified loads in transportation and building sectors. These factors could increase the cost of contracting baseload power and enhance the economic value of flexible chemical plant operations. Furthermore, if chemical plants become large and flexible electricity consumers, they can participate strategically in a wholesale market to affect market prices in their favor. However, trading-off between the electricity procumbent mechanisms is challenging because of the inherent uncertainty arising from complex correlations between terms of the bilateral contracts, highly volatile spot electricity prices, regulatory and policy ambiguity, as well as the uncertain intra-and inter-annual demand for chemicals. An additional source of uncertainty is the effect of large-scale power outages, which may interrupt or limit electricity supply from several hours to several weeks and have profound revenue and wear-and-tear impacts on chemical manufacturing. Additionally, interfacing a large-scale consumer such as a chemical plant with the power grid may impose additional charges unique to their operation (e.g., interconnection costs and peak/duration demand charges).