Why is electricity so expensive in Texas?

I've been wondering, why exactly is electricity so expensive in Texas? It seems like compared to other states, Texans are paying a premium for their power. Could it be due to the state's reliance on fossil fuels, or maybe the lack of competition among providers? And what about the impact of weather events like hurricanes and heatwaves on pricing? I'd love to get some insight into this question, as it's a topic that affects so many people living and working in the Lone Star State.