As of today, there is only one candidate for the 2014 moderator election. As there are two moderation positions available, what will happen if there is only one candidate?
My understanding is that, had the Nomination phase ended with only one nomination (or only two) for the two positions available, then the Election phase would not have been required, and the one nominee (or two nominees) would have been appointed.
This understanding seems to be supported by the result of a WebApps election in a Meta SE Q&A where three nominees for three positions were elected unopposed without an Election phase occurring.
As it turned out there were six nominees, and so the Election phase was required. However, there were not enough nominees to require a Primary phase between the Nomination and Election phases.