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ERCOT Reliability: Systematic Unpreparedness | McCullough Research
The unfortunate state of the ERCOT power system can be summarized in two words: systematic unpreparedness. The origins of this disaster included the lowest reserve margins in North America, ignoring basic maxims of preparing for bad winter weather, and a
"The mission-critical arena of winter season reliability is too societally important to be governed by Adam Smith's "invisible hand" of the market, and an artificially constructed and imperfect marketplace at that"
"The economic theory implemented by the Texas Public Utilities Commission assumes that skyrocketing prices during system emergencies will create incentives to correct shortages and blackouts. All evidence is that this does not work."
I highly recommend reading the linked article from McCullough Research, below.
This is the "dose of reality" that is missing from the scarcity pricing debate.
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