July 18 — The Texas wholesale power market is designed to favor the lowest-cost electricity generation, which happens to be wind and solar. But renewables are as reliable as the weather, so they require back-up power generators. ERCOT relies on natural gas fired plants to step in when the wind and sun stop. But there’s little incentive for investors to build back-up plants, or any kind of fossil fuel plant, because the typical price of electricity is so low, they can’t make a profit.

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