Thirty years ago when I worked for an electric utility. the standard was to have spinning reserve (plants that are up and able to run at full power, the turbines are turning, but mot generating power) equal to the single largest plant on-line. Thus, if something happened to a generating plant to take it down, it's power could be replaced almost instantly. No blackouts, no power limitation requests, nothing; just dependable electricity. Then some bright young MBA's got on the Public Utilities Commission staff and started pushing to cut costs by eleminating reserve generation capacity. Suddenly, the formerly very depe3ndable grid started suffering power capacity issues. The public complained to their legislators, and to grease that squeeky wheel, they PUC deregulated the electricity system. Utilities were forced to divest themselves of all generating capacity (well;, they could keep their nukes, because nobody wanted them) and the utilities would purchase power from the State grid operator to resell to the customers.
Well, such fine, dependable system operators as Enron jumped in and bought the generating plants at fire sale prices. They then proceeded to manipulate the system to maximize the cost of generating power and thus their profits. The utilities were forced to buy power at a cost well above the allowable sale price to the consumer,so maintenance of the distribution infrastructure was cut way back. Power lines started to fail due to deferred maintenance, substations were overstressed due to customer base growth without the cash available to add capaqcity. Blackouts followed, with summer power reductions in the south, and winter shortages in the north. But the bright young MBA's had rid the system of the vampire generation over capacity, and they got high performance reviews and large bonuses. Meanwhile, the utilities got all the blame for the problems, their stock prices fell, and dividends were reduced or curtailed entirely. Utility stocks went from a gold plated "widows and orphans" secure investment to junk stock.
Thus the tale of woe from one state's deregulation fiasco; now we in Texas are seeing a repeat due to dependence on unproven technology - looked like a good idea at the time, but who woulda guessed it would freeze in the winter or not function when covered with snow?