Cramton (market design professor on the board of ERCOT) has written an overview post-mortem of the 2021 February Texas electrical power outages.

While he points out some issues with supply, eg. non-existent inter-regional DC power ties and natural gas providers who abrogated contracts claiming force-majeure (and implying that they just sold that natural gas at much higher price on spot market), the only near-term reasonable solution is have power draw scale down as the price of supply increases.

Battery storage, electric vehicles, and smart thermostats are entering the market. These technologies help by fostering price-responsive demand.

Cramton also throws under the bus the politics of Disaster Recovery, where participants do not want large worst-case scenarios because they see the immediate capital expenditure balanced only by a putative future usage.

The current approach of making decisions based on previous worst-case events, such as the 2011 Texas storm, is no longer adequate.

Finally, he ends on a note that could also be written for a future Federal Reserve.

Poor reserve quality suggests that the system operator may choose to extend the emergency until the operator is confident that the reserves can perform. It is too early to say whether the system operator made the right call in this case.