How does a privatized electrical grid work (like in Texas)?

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Edit: I mean like, how is it *supposed* to work – not counting whatever went wrong recently in Texas.

I mean, each “provider” doesn’t have its own wires running to each subscriber, right?

So what exactly does a provider do? Just some fancy accounting?

Does each provider have their own power plants, or are they just buying power from existing power plants?

Does a provider necessarily own any of the infrastructure at all? (power plants, transformers, poles, wires, etc).

In: Economics