(1) If energy conservation improvements are made as provided in section 122, the board of trustees shall report the following information to the Michigan public service commission within 60 days of the completion of the improvements:

  (a) Name of each facility to which an improvement is made and a description of the conservation improvement.

  (b) Actual energy consumption during the 12-month period before completion of the improvement.

  (c) Project costs and expenditures.

  (d) Estimated annual energy savings.

  (2) If energy conservation improvements are made as provided in section 122, the board of trustees shall report to the Michigan public service commission, by July 1 of each of the 5 years after the improvements are completed, only the actual annual energy consumption of each facility to which improvements are made. The forms for the reports required by this section shall be furnished by the Michigan public service commission.