> large capex in existing infrastructure with little incentive to change is common to most large companies, so picking the TVA as the "regulated" energy example

> large capex in existing infrastructure with little incentive to change is common to most large companies, so picking the TVA as the "regulated" energy example seems a little like cherry-picking to me. > I'm not read into the details of PPA regulations. There may be a good point there about how some/all of them are too onerous which de-incentivizes change. idk. > ensuring that companies we entrust with providing critical infrastructure are resilient to extreme weather is a matter of regulation. I think that the Texas and California examples were both specific instances of regulatory failures regardless of their ambient culture of regulation.