I have set up a small city with a coal mine and a power plant. The city produces an excess of 200+ MW.
However, in a newly created city the game says I can only buy 76MW. Is this correct?
The power a city can buy is limitted by the connected cities of the supplier.
The supplier city (in your case) has 3 connected cities, so the available power to each is 200 MW / 3.
If this were not the case, then 1 city with 200 MW could provide 200 MW to each of three neighbors (200 MW becomes 600 MW).