The alternative market based way is to a have an additional "capacity market" for which providers offer bids for committing to provide future capacity. Thus providers who can guarantee they will provide a certain capacity are compensated for it, without needing to have a shortage of electricity to make the dynamic pay out. This is how it is done for the rest of the US.

Texas uniquely forewent the capacity market as a subsidy for wind, since wind providers are unable to supply guaranteed capacity and thus unable to bid in the capacity market. This creates a much more raw dynamic where grid capacity is fine right up until it is not.