(a) No nuclear power plant, nuclear factory or nuclear electric power generating plant may be constructed or initiated until the Public Service Commission has approved the application for the same in accordance with the provisions of chapter twenty-four, article two of this code.

(b) Any person or organization seeking to construct or initiate any nuclear power plant, nuclear factory or nuclear electric power generating plant in this state shall, prior to any construction or initiation, submit to the Public Service Commission an application for approval, together with the documentation required by this section.

(c) An application for the construction or initiation of any nuclear power plant, nuclear factory or nuclear electric power generating plant shall not be considered for approval unless it contains documented reports or certification that:

(1) A functional and effective national facility which safely, successfully and permanently disposes of any and all radioactive wastes associated with operating any such nuclear power plant, nuclear factory or nuclear electric power generating plant has been developed and that such facility has been proven safe, functional and effective by a minimum of twenty-four months' operation or experience; and

(2) The construction of any nuclear facility in this state will be economically feasible for West Virginia rate payers; and

(3) The proposed nuclear facility shall comply with all applicable environmental protection laws, rules and requirements.