ERCOT operations messages are listed here. Also in a handy RSS form. These appear to be the best real-time information available to the public.
Heavy on energy market terms like DAM (Day Ahead Market), the most important stuff for us appears to be the EEA levels:
EEA Level 1 - All available resources in use. Discretionary ("non-firm") energy sales stop.
EEA Level 2 - Load Management procedures in effect; no longer able to meet demand. Public appeals to reduce demand. Reduction in voltage. Interruption of power to entities who have signed contracts allowing such. Make use of "all resources".
2a - Medium potential for outages.
2b - High potential for outages.
EEA Level 3 - Forseen or actual loss of power. Rotating blackouts, etc.

Also, here's a fun "load shedding" training doc to peruse.
EEA Level 1 - All available resources in use. Discretionary ("non-firm") energy sales stop.
EEA Level 2 - Load Management procedures in effect; no longer able to meet demand. Public appeals to reduce demand. Reduction in voltage. Interruption of power to entities who have signed contracts allowing such. Make use of "all resources".
2a - Medium potential for outages.
2b - High potential for outages.
EEA Level 3 - Forseen or actual loss of power. Rotating blackouts, etc.

Also, here's a fun "load shedding" training doc to peruse.

