(1) Notwithstanding any other law, people’s utility districts and municipal electric utilities may enter into transactions with other persons or entities for the production, supply or delivery of electricity on an economic, dependable and cost-effective basis, including financial products contracts and other service contracts that reduce the risk of economic losses in the transactions. This subsection does not authorize any transaction that:
(a) Constitutes the investment of surplus funds for the purpose of receiving interest or other earnings from the investment; or
(b) Is intended or useful for any purpose other than the production, supply or delivery of electricity on a cost-effective basis.
(2) Nothing in subsection (1) of this section prohibits a people’s utility district or a municipal electric utility from entering into any transaction for the acquisition, construction, improvement or equipping of a renewable energy facility or for the purchase or sale of electricity, electrical capacity or renewable energy certificates.