(a) Notwithstanding Section 163.054, two or more public entities may create a municipal power agency governed by Subchapter C if the entities:
(1) are municipalities;
(2) are engaged in the distribution and sale of electric energy to the public; and
(3) receive a major portion of their power through or from an interstate electric system.
(b) The entities must comply with the provisions of Subchapter C relating to the creation of a municipal power agency, including the concurrent ordinance and election provisions.