I agree with inelastic demand. There is certainly a bare minimum level beyond which we still have a crisis.

That said, I think the higher order effects of a market regulated to require more responsive rates could lower this threshold.

For instance, if every homeowner in texas might get stuck with an expensive winter heating bill because of new regulations around rates, we would consider requiring all new construction use gas furnaces where possible.

As it currently stands, I was just talking to a friend who got taken to the cleaners because his brand new construction uses resistive/heat pump for heating, despite the trivial & cheap availability of natural gas.