The general powers of an electric company shall include the power to:
(1) Plan, develop, acquire, construct, reconstruct, operate, manage, dispose of, participate in, maintain, repair, extend or improve 1 or more projects within or outside the State and act as agent, or designate 1 or more other persons participating in a project to act as its agent, in connection with the planning, acquisition, construction, operation, maintenance, repair, extension or improvement of such project.
(2) Produce, acquire, sell, distribute and process fuels necessary to the production of electric power and energy and implement energy conservation measures necessary to meet energy needs.
(3) Enter into franchises, exchange, interchange, pooling, wheeling, transmission and other similar agreements with any person or public agency.
(4) Make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the company.
(5) Employ agents and employees.
(6) Contract with any person or public agency within or outside the State, for the construction of any project or for the sale or transmission of electric power and energy generated by any project, or for any interest therein or any right to capacity thereof, on such terms and for such period of time as its board of directors shall determine.
(7) Purchase, sell, exchange, transmit or distribute electric power and energy within and outside the State in such amounts as it shall determine to be necessary and appropriate to make the most effective use of its powers and to meet its responsibilities, and to enter into agreements with any person or public agency with respect to such purchase, sale, exchange or transmission, on such terms and for such period of time as its board of directors shall determine.
(8) Acquire, own, hold, use, lease (as lessor or lessee), sell or otherwise dispose of, mortgage, pledge or grant a security interest in any real or personal property, commodity or service or interest therein.
(9) Exercise the powers of eminent domain.
(10) Incur debts, liabilities or obligations including the borrowing of money and the issuance of bonds, secured or unsecured, as provided for in § 1311 of this title.
(11) Sue and be sued in its own name.
(12) Have and use a corporate seal.
(13) Fix, maintain and revise fees, rates, rents and charges for functions, services, facilities or commodities provided by the company.
(14) Make, and from time to time amend and repeal, bylaws, rules and regulations not inconsistent with this section to carry into effect the powers and purposes of the company.
(15) Notwithstanding any other law, invest any funds held in reserve or sinking funds, or any funds not required for immediate disbursement, including the proceeds from the sale of any bonds, in such obligations, securities and other investments as the company deems proper.
(16) Join organizations, membership in which is deemed by the board of directors to be beneficial to accomplishment of the company’s purposes.
(17) Exercise any other powers which are deemed necessary and convenient by the company to effectuate the purposes of the company.
(18) Do and perform any acts and things authorized by this chapter under, through or by means of any agent or by contracts with any person.