Maybe markets are not the best solution for every situation.
Not for everyone. But one effect of these real-time communicated rates, is my house skipped running equipment that would have consumed 50kWh+ during those $9.00/kWh periods. Accordingly, by adjusting my demand, in response to limited supplies, I made it possible for other Texans to not get crushed by a rolling blackout.
In addition, if thousands of people adjust their demand in this manner -- it can make it possible to reduce the CO2 emissions associated with the mere construction of a peaker plant, that, itself, might get used only 10-15% of the time.
The markets in Texas generally work pretty well except for where they don’t. It doesn’t take a rocket scientist to see that basic regulations that power generation needs be winterized (among others thing) may cost slightly more on a day to day basis but costs consumers far less in the long run.
Everything in life is a trade off and unfortunately the voters of Texas have prioritized centralizing regulatory authority (a little counterintuitive but ERCOT runs basically everything and local municipalities are not allowed to much wiggle room), blind faith private entities that are accountable to no one and loose very little when something like this happens (the generation companies aren’t paying for everyone’s burst pipes, the property owners who’s insurance premiums are going through the rough do and the American people in general through Federal aid).
A negative cost incentivizes the operators to turn it off, no? I imagine those power plant operators can easily turn it off in an hour? 9000/31=290.3, so there is plenty of margin to break even.