"As of Wednesday morning, when the power outages were at their most severe, the cold had snuffed out about 46 gigawatts, or about 40 percent, of power-generation capacity in the state."

Sounds a lot like the grid did in fact run out of "fuel" (as in the product that they deliver).

>You asked for a hypothetical counter example

Of an electricity provider cutting power of its own accord because their billing service was not functioning, not because the electricity production in Texas dropped due to freezing while demand shot up.