They did not do their job to regulate the market. Set aside their failure to check for winterization and the complete failure of demand forecasting or execution of rolling blackouts (that ended up being uncontrolled week long power losses that literally killed people).

They had almost uncapped max wholesale prices for energy during the blackouts. At some point it had reached 10k per megawatthour! Of course companies went bankrupt, and of course BP traders held bonus parties. The taxpayers apart from these they also had to bail out the bankrupt retailers.