ELECT POORLY, GET BAD GOVERNANCE:

Unlike most other states that safely endured the February 2021 storm, Texas had stubbornly declined to require winterization of its power plants and, just as critically, its natural gas facilities. In large part, that's because the state's politicians and the regulators they appoint are often captive to the oil and gas industry, which lavishes them with millions of dollars a year in campaign contributions. During the February freeze, the gas industry failed to deliver critically needed fuel, and while Texans of all stripes suffered, the gas industry scored windfall profits of about $11 billion--creating debts that residents and businesses will pay for at least the next decade.

Since last February, the state has appointed new regulators and tweaked some of its statutes. But despite the misery, death, economic disruption, and embarrassment that Texas suffered, little has changed. The state remains susceptible to the threat that another winter storm could inflict blackouts as bad as--or even worse than--last year's catastrophe. Despite promises from public officials to rectify these problems, we remain largely defenseless and can only hope we aren't thrashed by another Arctic blast. Even as forecasters predict a relatively warm winter on average, there is compelling evidence that such extreme weather phenomena are becoming more common. To understand the danger, it's worth examining how close the Texas grid came last year to a meltdown that could have left much of the state without power for several weeks, or even months.

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