>So basically, this is the worst winter in the history of Texas to such an extent that nobody could have possibly predicted this?

More like "to the extent that people who were actually accountable for how money was spent couldn't justify spending the money to hedge against it".

Could you justify to your boss spending 5% per year on a project to hedge against something that happens every 50-100yr and has a 10% chance of really screwing you when it does? Exactly this but applied across every utility in an entire state.

Know-it-alls on the internet, love to tell other people how to spend their money but the real world is more complex and doesn't have the luxury of hindsight.