I don't know that ERCOT has any similar program - here in the US, for areas that run a load-shedding system, load is typically dropped after 0.2 seconds of 59.5hz or lower (nominally 60hz). Some consumers may choose to cut themselves off prior to that point, to prevent damage to equipment at the lower frequencies.

ERCOT (and others) also implement peak demand charges, where some portion of a large user's overal yearly rate is determined by their usage on days when the grid is under the most stress. Usage for that particular day ends up setting rates for the entire year, which makes it not only risky but also very costly.