(a) An agency created under this subchapter may:
(1) generate and transmit electric power and energy inside and outside this state;
(2) sell, purchase, or exchange electric power and energy with entities inside or outside this state; and
(3) construct or acquire new steam electric generating facilities, but only if the facilities are owned jointly by the agency and one or more private entities.
(b) This section does not authorize an agency created under this subchapter to engage in the distribution and retail sale of electric power and energy.