In February 2021, Texas had unusually cold weather, resulting in an electric energy supply crisis. Millions of customers were without power for up to four days, during the coldest days of the year. Retail prices went up dramatically, and some customers received monthly bills for more than ten thousand dollars. Initial news reports assigned the blame for both the reliability issues and the costs to Texas utilities increasing the amount of renewable energy on its grid.

What really happened in the Texas electric market? What was the affect of the increased use of intermittent renewable power...