When it comes to supplying electricity for its residents and businesses, Texas operates on the thin line between reliable and unreliable. Its deregulated power market, adopted by the Legislature in 1999, pushes it to that line.

In a free market, investors put their money where they believe they will get the highest return. A perfect deregulated market will have exactly as much power generation capacity as its customers need — and only a little more that can be activated efficiently to cover spikes in demand and shut down again when demand declines.

Read the full article at the Fort Worth Star-Telegram.