(1) If over a 2-year period an electric provider whose rates are regulated by the commission cannot achieve the energy waste reduction standard in a cost-effective manner, the provider may petition the commission in a contested case hearing under section 73(3) to establish an alternative energy waste reduction level for that provider.

    (2) If over a 2-year period a natural gas provider cannot achieve the energy waste reduction standard in a cost-effective manner, the natural gas provider may petition the commission to establish an alternative energy waste reduction standard for that provider.

    (3) A petition filed pursuant to subsection (2) shall do all of the following:

    (a) Identify the efforts taken by the natural gas provider to meet the energy waste reduction standard.

    (b) Explain why the energy waste reduction standard cannot reasonably and cost-effectively be achieved.

    (c) Propose a revised energy waste reduction standard to be achieved by the natural gas provider.

    (4) If, based on a review of the petition filed under subsection (2), the commission determines that the natural gas provider has been unable to reasonably and cost-effectively achieve the energy waste reduction standard, the commission shall revise the energy waste reduction standard as applied to the natural gas provider to a level that can reasonably and cost-effectively be achieved.