The Electric Reliability Council of Texas (ERCOT) is responsible for system operation in most of Texas. Instead of establishing a capacity market, ERCOT has chosen to address resource adequacy through its energy market. In the energy market, ERCOT sets the maximum price of power equal to an estimate of the value of lost load. This attempts to alleviate the missing money problem underlying the rationale for capacity markets. ERCOT also has adopted an Operating Reserve Demand Curve, a price adder that is based directly on economic principles. Since restructuring, ERCOT has experienced three significant electricity shortage incidents. The most recent incident, in 2021, was a major event, creating outages for up to seventy hours. It was caused in large part by fuel supply issues due to the lack of weatherization of the natural gas industry and was not primarily the result of capacity shortages. Accordingly, it does not appear that any intervention in electricity markets alone would have solved this problem.