Why Texas Broke: The Crisis That Sank the State Has No Easy Fix

The Houston skyline was lit pink for Valentine’s Day. It was cold—really cold, at least by the standards of the Gulf Coast, where wintertime lows are generally around 50F. That Sunday night it was below freezing; the forecast called for the first snow in years.

Earlier in the day, the Electric Reliability Council of Texas, better known as Ercot, the nonprofit that manages the state electricity grid, had gently urged Texans to be mindful during the storm. “We know it’s cold. But if you turn down your heat to 68 degrees and put on a fleece, you can help ...