I think you're conflating two different things. You prevent situations like this from happening by ruggedizing the Texas Interconnection. That doesn't have anything to do with allowing people to pay wholesale rates for electricity and holding them to such when the prices fluctuate.
Sorta. As a thought experiment, consider a place that allowed all of their drivers to not have insurance. Specifically, it was setup as a place that advertised "come live here if you don't want to spend money with car insurance." That is, everyone living here does so making the personal choice that this is ok.
In the framing you have given, this should be fine. The amount of damage you have personally caused can easily be seen as a wholesale price.
My assertion is that either the cost of cars and driving would have to go up to actually price in the cost of failure. Cars would have to be seriously reworked such that they were much safer. Or you would find that insurance is a great idea.
To be clear, this isn't that far fetched. I live somewhere that lets me bike more. Unless I'm ignorant of some laws, I do not have to have insurance.
