The utility commission set the rates at the $9,000 per megawatt hour in Texas if February, not the market

See ‘A Failure of Texas-Size Proportions’—State Debates How to Overhaul Its Power Market by Katherine Blunt and Russell Gold of The WSJ. Excerpt:

"The utility commission’s decision to intervene in the market during the height of the crisis and set the rates at the $9,000 maximum for days has led to a political backlash. It also is expected to trigger litigation from electricity retailers, utility companies, residents and businesses who suffered the fallout."