they just never saw something like this coming and there are a whole host of reasons for why that could be. it's certainly a huge failure on their part, but also on the part of many regulatory agencies and most importantly, the state's republican leadership. >> professor craig, what is your sense of why this happened? are there one or two reasons that this is kind of centering around or is it more complex than that? >> yeah, absolutely. i think your introduction got a lot of it right. so, ercot, every year, they look to the next season and they say, okay, here is what we expect demand to be, this is the available supply. and it turned out that their demand forecast was a little low in this extreme cold weather, but it was really the supply side. now, we're learning -- we're learning that there are a lot of interconnected infrastructures here. lines froze over, and it's hard to grapple with these multiple