On the face of it, what lessons could a winter storm in faraway Texas, US, possibly have for a largely tropical country like India? However, on a closer look, it is not the winter storm Shirley per se but from its aftermath that an emerging economy like ours can draw important lessons. It is now well known that millions of residents in the state of Texas had to face rolling blackouts for days while many of its electricity consumers were left holding hefty electricity bills. The reasons for this can be attributed to three key issues, namely, unpreparedness of the entire power system to face such weather and demand conditions, an isolated state grid, and a deregulated electricity market for some.