From S&P Global:

However, some of NERC’s prior recommendations have not suited the Texas energy market, according to Devin Hartman, director of energy and environmental policy at the R Street Institute, a free-market think tank. Texas requires a “market process that provides the proper financial incentives to suppliers to handle this type of risk,” he said.

“The big question, I think, in this case, is just ‘how much of an outlier event is this?'” Hartman said. “Because the ERCOT model is based on market participants who make investment decisions based on a set of probabilities, expectations about the future. … The role of standards should be differentiated based on the regulatory framework that occurs at the state level.”