1.  Each year on or before a date established by the Commission, each utility shall file with the Commission the utility’s annual plan for carrying out and administering the Waterpower Demonstration Program in its service area for the immediately following 12-month period prescribed by the Commission.

2.  The Commission shall:

(a) Review the annual plan for compliance with the requirements established by regulation of the Commission; and

(b) Approve the annual plan with such modifications and upon such terms and conditions as the Commission finds necessary or appropriate to facilitate the Program.