(1) The Council may enter into an agreement with any licensee within or outside New Delhi in regard to the purchase of electricity and price thereof and within New Delhi in regard to sale and price thereof or in regard to operation or control of any generating station or main transmission line and notwithstanding anything contained in any law or in any licence, memorandum of association or other instrument regulating the constitution and powers of the licensee, it shall be lawful for the licensee to enter into and carry out any agreement.
     (2) In entering into an agreement under this section the Council shall not show any undue preference to any licensee.