Frank A. Wolak writes that federal regulation is not the answer to the disaster that smashed Texas’ deregulated energy market last month. He opines that “the [Public Utility Commission] of Texas does have a record of successfully — for the past 20 years no less — regulating wholesale and retail markets in the state.” Apparently, he missed the research done by the Wall Street Journal showing that since 2004 Texans in the unregulated markets paid $28 billion more for energy than those in regulated markets. If this is Wolak's idea of “successfully regulating,” I’d really like to see what he defines as a failure.