The Public Utilities Regulatory Authority shall authorize rates for each water company, as defined in § 16-1, that promote comprehensive supply-side and demand-side water conservation. In establishing such rates, the authority shall take into consideration consumers who are low water users, including those consumers who have previously implemented conservation measures, state energy policies, the capital intensive nature of sustaining water systems that minimize water losses and the competition for capital for continued investments in such systems. Such rates shall (1) prioritize demand projections that recognize the effects of conservation and account for declining rates of water consumption in order to minimize the use of a revenue adjustment mechanism, as defined in § 16-262y, following a general rate case, and (2) consider (A) implementation of metering and measures to provide timely price signals to consumers, (B) multiyear rate plans, (C) measures to reduce system water losses, and (D) alternative rate designs that promote conservation.