Here's the background:
ERCOT made their power generation forecast based on the expected weather, including full input from their wind, coal, nuclear and natural gas components (Solar isn't all that big here yet).
Wind was slightly impacted from freezing turbines, and coal from the low temperatures causing mechanical issues. This put strain on the system.
Then, South Texas Project Unit 1 Reactor went down due to a cooling pump failure. This was what pushed the grid over the edge.
The grid still COULD have recovered, had we fully leveraged the Natural Gas components.
BUT...
Texas is deregulated. ERCOT bought the gas they THOUGHT they needed based on their modeling ahead of time, as a reasonable price. When the need spiked due to the above issues, the natural gas companies saw an opportunity to gouge, and jacked the spot price of the gas up astronomically. To the point that the power producers and ERCOT refused to pay.
So begins a Gamestop-esque short sale game of chicken, with the natural gas producers saying "Sooner or later you'll break and pay our extortion prices", and ERCOT and the power producers saying "Hold my ice cold beer"... with millions freezing in the dark caught in the middle.
It wasn't until Gov Abbott announced an EO yesterday that prohibited Texas-Produced Natural Gas from leaving the state through this coming weekend that things improved, as it broke the short and brought the spot price down enough to re-power the gas plants.
And suddenly, like throwing a switch, Houston went from 42% having power before the Governor's announcement, to 96% this morning.
It's a freakin' Capitalist Christmas Miracle.