One 'funny' thing from this is that FERC - the Federal Energy Regulatory Commission - long had a docket open in the Trump era on "reliability." Back then it was intended to be finding a way to prop up less-profitable fossil generation under the guise of it being more reliable than other forms of power, but now FERC is considering reopening it over what's going on in Texas.
On the other hand, the Texas power grid is kind of its own world: unlike most of the rest of the country it's a single-state grid and (partly because of that, I think) FERC doesn't have much authority. Most of the generation losses during the blackouts were natural gas (26 GW natural gas lost, 4 GW wind lost). What I find curious is that the temperatures are relatively normal for other parts of the world that use wind more often, so would be good to know if they just didn't design around colder temperatures there or what.
(And yes, cold weather can indeed mess with fossil energy too. Before this event the biggest generation reliability hits in recent years had been coal piles either getting too wet or too frozen to be used at their coal plants, or in one case the coal plant itself getting too cold to operate.)
I thought the point was that the Texas Interconnection area just didn't have enough importation capacity to bulk up its supply of power in the event of such a regional drain.
That is a part of it, yeah. Texas kind of keeps to itself.
The American power sector is pretty messy - TSOs that are either ISOs or RTOs, reliability councils, FERC, coops, etc. etc. etc.