So, first of all, as others have noted, events of this sort are happening significantly more frequently than that. Second, > practically, a 1:70 tail event is

So, first of all, as others have noted, events of this sort are happening significantly more frequently than that. Second, > practically, a 1:70 tail event is usually outside a regulator's tolerance Where are you getting this? I can think of many, many counterexamples. Maybe you mean to limit this to utility regulators planning for outage resiliency? I'd be curious about where that came from. (Maybe inverting the rule of 72 and... something?) Anyway, the simple fact remains that Texas has a small, inflexible grid that's been populated with low-margin providers playing financial engineering games rather than providing resiliency, and it needs a ton of work. Even if you are correct that the minimax they've arrived at made sense in the past, it clearly no longer does.