[curryst]

Their point is that Texans have no exposure to the spot price of electricity. If demand exceeds supply, we get rolling blackouts. We could reduce demand if people shut off appliances not critical to life (the fridge for one, everything will spoil during blackouts anyways).

Some part of electricity demand is inelastic, and required to live. Much of the electricity demand is elastic, and will respond to price signals. TVs, computers, clothes washers and dryers.

We do need winterization regulation as well, but once we're up the creek, price signals can be useful. Smaller price signals with more reasonable caps though. Just enough to convince you to turn your PC off so we can avoid blackouts.