Since reliable and economic bulk electric power supply is essential to the safety, health, morals, and welfare of the state and to the sound growth of the communities therein, and in order to promote the general welfare and insure the future power needs of the inhabitants of this state, it is hereby declared to be in the public interest and for a public purpose:

(1)  That electric utilities operating in the New England states be permitted to participate together in the common ownership of electric-generating facilities that will contribute towards a reliable bulk power supply in New England, achieve increased reliability and economies of generation, and thereby promote lower overall cost of power within the state;

(2)  That such advantages can be obtained through joint planning, ownership, operation, and use, or any combination thereof, of electric-generating facilities within or without the state for the generation of electricity to be consumed within or without the state;

(3)  That domestic electric utilities be authorized and granted rights both within and without the state to participate in the ownership of electric-generating facilities; and

(4)  That foreign electric utilities be authorized and granted rights within this state to own or participate in the ownership of electric-generating facilities.