Discussing Calpine's announcement that it cancelled an agreement with Guadalupe Valley Electric Cooperative (GVEC) related to the construction of a 418 MW natural gas-fired peaking power plant in Texas, Thad Hill, Calpine’s President and Chief Executive Officer, said during an earnings call that, "We decided that investing more capital in this market and taking on the risk to do so did not make sense given the inherently poor regulatory design."

"We have a substantial amount of capacity already, and view an investment in new capacity as self-defeating, unless and until there's some regulatory reform. So we'll no longer be spending the capital required to complete this project," Hill said

Hill then spent several minutes addressing the need for better price formation and capacity market "reform" (again) in the FERC-jurisdictional RTOs, so we question which of the market designs are really "inherently" poorly designed.