Reiterating: you're all wrong about electricity markets and they don't work like they think you do.

Source: Myself

Start here if you want to understand what's going on in Texas. Think same cause as 2008 crisis. Bad risk modeling that would make @nntaleb
@financequant sad.
http://www.ercot.com/gridinfo/resource

. @usufructionist market needs:
-realtime power supply (can I get a kwh at x price right now)
-capacity (can I get enough power + avoid grid being underpowered)
-frequency (can I keep grid at 60 hz)
-reserves/peakers (can I respond to sudden, massive demands for capacity)

Where Ercot went wrong:
-Not enough reserves. Don't build a levee to the highest previous flood, build it beyond by a significant amount...and compensate regardless of deployment
-Diversification: NEED Nuclear and Moar Batteries
-Realtime pricing has somewhat failed here.

-electrical heaters need demand response systems like A/C so sudden surges could have been mitigated at source

There's more but these steps could have likely prevented worst of it. Demand response for electric beaters alone could have curtailed this

-also Stem Power stock should be shooting up (disclosure I have a personal friendship w CEO)