>> during those events that price increase is what encourages generators to bring on more supply to capture that revenue.
True, in a perfect theoretical world where infinite capacities can be achieved through price increases. In the real world, there are only so many operational power producers. Raising the prices does literally nothing for powerplants physically incapable of coming online soon enough to enjoy those prices. And as this was such a short-term boom, there is no incentive to weatherize in anticipation of the next boom as the potential yields still outweigh immediate costs. Despite the bluster, Texas's power grid is not a free market utopia where supply and demand solves all problems. Texas simply isn't big enough for such principals to act before running up against hard practical realities.
True, in a perfect theoretical world where infinite capacities can be achieved through price increases. In the real world, there are only so many operational power producers. Raising the prices does literally nothing for powerplants physically incapable of coming online soon enough to enjoy those prices. And as this was such a short-term boom, there is no incentive to weatherize in anticipation of the next boom as the potential yields still outweigh immediate costs. Despite the bluster, Texas's power grid is not a free market utopia where supply and demand solves all problems. Texas simply isn't big enough for such principals to act before running up against hard practical realities.