Public and private entities may by agreement jointly plan, finance, acquire, construct, own, operate, and maintain electric facilities to:

1. (1) achieve economies of scale in providing electric energy to the public;
2. (2) promote the economic development of this state and its natural resources; and
3. (3) meet the state's future power needs.

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.