Pursuant to article fourteen-A of the general municipal law, the city hereby establishes a public utility service, as such term is defined in section three hundred sixty of such article, which is authorized to establish, construct, lease, purchase, own, acquire, use and/or operate facilities within or without the territorial limits of the city, for the purpose of furnishing to itself or for compensation to its inhabitants any service similar to that furnished by any public utility company specified in article four of the public service law. For such purpose the city may purchase electrical and other forms of energy from the state, or from any state agency, or other municipal corporation, or from any private or public corporation, and may sell or distribute such power to itself and to residential, commercial, industrial and other customers. The city shall possess any and all powers granted to a public utility service pursuant to article fourteen-A of the general municipal law and any other applicable provision of law.