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For 1 doesn't ERCOT also have a maximum price or do you mean at a retail level?

I'd imagine our relatively milder climate also has a lot to do with it.

ERCOT has a price cap similar to the NEM, but as far as I am aware no equivalent to the Cumulative Price Threshold which limits how long the price can sit at market cap for. In the NEM roughly speaking after 7.5 hours the price gets dropped to back to $300 for 7 days.

This measure does get triggered occasionally, generally after transmission or generation failures combined with hot weather.

ERCOT has a wholesale spot price ceiling of US$9,000/MWh.

(The NEM has a wholesale spot price ceiling of AU$15,000/MWh, US$10,732 at current exchange rates or US$10,245 in PPP terms).

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