(1) Before a utility may receive the return on the cost of such capacity purchase, the utility shall report the purchase to the Public Utilities Staff and the Public Service Commission. The utility shall also send notice of the purchase to persons who have requested same and are on the list maintained for that purpose by the Secretary of the Public Service Commission. The Public Utilities Staff shall investigate the purchase to determine:

(a) Whether the purchase is in the best interest of the utility and of the retail customers of the utility;

(b) Whether the portion of the purchase designated as capacity or energy requirements, or both, is appropriate; and

(c) Whether the return filed by the utility in the report of purchase is just and reasonable to the utility and to the retail customers of the utility.

(2) Any third person may comment as deemed appropriate on the report, but if any third person desires a hearing, a written petition must be filed along with all supporting documentation, including all proposed testimony and exhibits supporting the contention that a hearing is needed and supporting the issues that should be considered. These issues may include any of the matters set forth in this section. The Public Utilities Staff shall fully review the information contained in the utility’s report and the material submitted by the third party and shall report in writing to the commission.

(3) If upon recommendation of the Public Utilities Staff or at the request of the third party petitioner, or on its own initiative, the commission determines that a hearing should be held, then the commission will set a time for a hearing, determine the issues to be heard and set a schedule for such preliminary matters as it deems necessary for such hearing. If the commission determines that a hearing is not necessary on any or all of the issues set forth in this section, it may determine such issue or issues based upon the record before it and file its final order thereon which shall then be subject to appeal as provided in Sections 77-3-67 through 77-3-73.