There's a lot of things to take a critical eye towards on the Texas power market, but

> ...no allowances for long term concerns like reliability. Any provider who spends money to address these sort of issues is immediately priced out of the market.

...is a bit of an exaggeration.

When Texas has those cold-snap/freeze days a few years ago, wholesale rates went up to $9,000 per megawatt-hour. So $9/kWh. Wholesale.

A large amount of energy suppliers went out of business because they didn't properly hedge for such an event.

You can bet those who are left have started to react to market price signals like that. Whether it's through financial engineering or boots-and-poles engineering is a fair discussion to have, but to say "no allowances for reliability signals" is a bit disingenuous.

When someone says "It's all really very simple...", it's almost certainly not.