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As soon as customers don't pay market rate, because for example a regulator steps in and bails someone out, there is zero incentive to conserve a scarce product.

It's like being given the company credit card and being told "spend whatever you like, bezos will pay the bill".

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Again, not a valid comparison. The massive tariff increase was due to a hardware failure, not market pressures. It would like being given a credit card, with unforeseeable terms and conditions occurring outside the scope of your contract which are then resolved later in the month

It's not a exact comparison due to the winter storm, but ERCOT does see wholesale prices $1000+ MWh during the summer peaks and super peaks.

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