The price is the result of supply&demand equilibrium, and not result of electricity wasted.
The price is always the result of supply and demand equilibrium -- but you don't think the cost of production plays into the quantities of a commodity that people are willing to sell for a given price (
supply)?
No. If it was then GPU miners would simply keep mining and sell their coins for $800 per BTC. Miners have almost no pricing power. If difficulty gets too high relative to price then some miners will quit and difficulty will go back down.