(a) An agency may participate through appropriate contracts in power pooling and power exchange agreements with other entities through direct or indirect system interconnections.
(b) An entity that participates with an agency under this section may:
(1) purchase electric energy from the agency;
(2) sell or dispose of electric energy to the agency; or
(3) exchange electric energy with the agency.

(c) An entity payment for electric energy purchased from the agency is an operating expense of the entity’s electric system.
(d) An agency contract to sell or exchange electric energy may require the purchaser to pay for the electric energy regardless of whether the electric energy is produced or delivered.