Writes Greg Privette:

Hi Lew,

From today’s post of a Reuters article:

Adrian Shelley, Texas office director of consumer advocacy group Public Citizen, said changes at ERCOT must go further. “Ultimately, lawmakers are responsible for not having created a system in which more reliable energy was available,” he said. “The failures that happened were free market failures. Maybe we need regulation to put some guardrails on that.”

Imagine that. In one of the most heavily regulated, politically controlled industries in the country their problems are actually “free market failures”. I’m sure no LRC readers saw that coming! Fortunately the whole problem can be solved just by putting some guardrails on it.