Considering the probability of occurrence of an extreme cold event similar to that in February 2021, winterization of the Texan power system pays off for risk-neutral utilities in the medium term. Risk aversion can cause under-investment, and policymakers should therefore take into account extreme event risks in decision-making and implement measures that increase winterization efforts.

中文翻译：

---

为得克萨斯州风险中性的投资者对发电厂进行过冬改造

考虑到与 2021 年 2 月类似的极端寒冷事件发生的可能性，德克萨斯电力系统的冬季化在中期为风险中性的公用事业带来了回报。风险规避可能导致投资不足，因此决策者应在决策中考虑极端事件风险，并采取措施加强防寒工作。