The Texas problem was persistent, insufficient supply - the extreme pricing was just a symptom of that. Do participants in ERCOT's system not trade energy swap

The Texas problem was persistent, insufficient supply - the extreme pricing was just a symptom of that. Do participants in ERCOT's system not trade energy swap contracts? Why? None of that new pumped hydro is online yet though - existing pumped hydro capacity in the NEM is minor (essentially only Tumut and Wivenhoe). One reason that the NEM has been fairly robust might be that it is divided into regions with only moderate-capacity interconnects, such that each region is managed to be able to "stand on its own".