(a) Notwithstanding § 4-101 of this title or any other law to the contrary, the Commission may regulate a telephone company through alternative forms of regulation.

(b) The Commission may adopt an alternative form of regulation under this section if the Commission finds, after notice and hearing, that the alternative form of regulation:

(1) protects consumers by, at a minimum:

(i) producing affordable and reasonably priced basic local exchange service, as defined by the Commission; and

(ii) ensuring the quality, availability, and reliability of telecommunications services throughout the State;

(2) encourages the development of competition; and

(3) is in the public interest.

(c) An alternative form of regulation may include:

(1) price regulation;

(2) revenue regulation;

(3) ranges of authorized return;

(4) rate of return;

(5) categories of services; or

(6) price indexing.