What went wrong is that the Texas legislature which owns Texas-specific grid process to avoid interference from the Feds didn't figure out how to also ensure Texas generator companies got compensated for weatherizing (and ensuring it was done). How many of the 24+6 recommendations from the NERC/FERC review of last time this happened in Texas (hint:2011) were taken up by the legislature or those at ERCOT they delegate…
Exactly the same thing happened in South Australia in 2016
1) Renewables % of generation mix grows (wind + solar)
2) Base generation sources get pushed out by economics and regulation (coal)
3) Peak generation sources get squeezed by the economics of wind + solar over summer (lots of wind, lots of sun) and begin to be relegated to backup roles
4) Something bad happens (in SA it was software misconfiguration across multiple wind generation sources)
5) The backup generation gets used for the first time, suprise suprise it doesnt work
6) chaos