> The Texas situation was low costs leading to low prices. Yes, see the sibling comment: it was low (marginal) cost leading to low price, leading to insuffici

> The Texas situation was low costs leading to low prices. Yes, see the sibling comment: it was low (marginal) cost leading to low price, leading to insufficient investment in anything else that would have been more reliable, leading to crash. That's because you don't pay for available power, you pay for energy and then there exist situations where the market equilibrium is blackout. Oops, too bad.