As the Texas legislative session drew to a close over the weekend, lawmakers approved bills aimed at overhauling the state’s electric grid — and those who govern it — following February’s massive winter storm that left residents in the dark for days amid record cold temperatures.

February 2021 natural gas prices

“This is our response, this body’s response, to the horrific things we saw during Winter Storm Uri,” said Rep. Chris Paddie (R-District 9), chairman of the House State Affairs Committee. “The issues of oversight and accountability, communication failures and addressing the weatherization issue — I think we identified those challenges and came up with some really good solutions to prevent those things from happening again.”

The bills, which head to Gov. Greg Abbott for final approval, would...