In the Texas Blackout $2021$ case study, we learned that the Texas state government, the Electric Reliability Council of Texas $($ERCOT$),$ and the utility companies knew that the electricity generation and distribution system $($that is$,$ the power grid$)$ had failed in extreme cold weather conditions in $1989$ and $2011$ causing major power outages.

Neither Texas regulators nor ERCOT imposed any requirements on the utility companies to winterize their systems, insulate their production lines or take any other measures to ensure that they could produce electricity in subfreezing temperatures.

In February $2021$ when a severe winter storm hit Texas and the surrounding states, Texas experienced another major power outage leaving millions of residents and businesses without power for days. More than $70$ deaths were associated with the cold weather and resulting electric grid failure.

Which stakeholder stood to lose the most from the power outages?

Texas government

ERCOT

the utility companies

Texas residents