Consider the following statements:

1. The Central Electricity Authority (CEA) is a statutory body that operates under the Ministry of Power, Government of India.

2. It is the chief advisory body in the formulation of policies and plans for the development of the electricity sector.

3. The National Electricity Plan (NEP) prepared by the CEA is an annual plan that assesses India’s current electricity needs, projected growth, power sources, and challenges. 

How many of the above statements are correct?