The council members shall:
(1) undertake the functions and duties prescribed by Public Law 96-501 and in applicable state law, including engaging with utilities receiving their power supply from the Bonneville power administration to promote an adequate, economical, and reliable power supply;
(2) serve on a full-time basis; and
(3) prepare and provide an annual report to the governor and to the legislature, as required by 5-11-210, and to each utility located in Montana receiving its power supply from the Bonneville power administration. The report must be completed by December 1 of each year and must detail council actions during the previous 12 months and the impacts of those actions on Montana utilities and residents receiving their power supply from the Bonneville power administration.