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As Texans went without heat, light or water, some companies scored a big payday Will Englund, Neena Satija © Justin Sullivan/Getty Images Texas flags fly near an electrical substation in Houston. Millions of Texans lost their power when a winter storm hit the state and knocked out unprepared power plants. As millions of Texans went days without heat, light or water, as store shelves were emptied, as deaths blamed on the cold began to add up, Texas’ frenzied and deregulated electricity market opened the door for some companies to reap windfalls that may mount into the billions of dollars. The nation’s most deregulated energy economy was supposed to be a win for consumers and for energy companies nimble enough to do business in a bustling, cacophonous market. But the cold snap rare but by no means unprecedented shattered it last week, plunging consumers into misery and leaving a badly prepared and dislocated energy sector in pieces.

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