This seems like the sort of belief system that inspired the story of King Canute and the tide. [0]
> Spend the money, or we'll take it from you. Done.
I understand that a lot of people only care about justifying the expropriation of wealth. But it seems you’ve forgotten to include the part where the expropriation is actually justified on the basis of promises to do something good with that money.
The electric company in El Paso, which is not part of ERCOT, did spend heavily to winterize their equipment after the 2011 cold snap. El Paso did not suffer outages this year like the rest of Texas.
Producing heat in the winter is a solved problem. If power companies are not applying the known solutions to a recurring problem, then apply state force to require them to do so. Done.
Spend the money, or we'll take it from you. Done.