The commission, after notice and hearing pursuant to its rules of practice and procedure, shall consider and act upon the plan or plans submitted and may adopt or reject such plan or plans, or adopt other plan or plans, for such curtailment. In acting upon such plan or plans the commission shall consider the following factors:
(1) The consistency of the plan with the public health, safety and welfare;
(2) The technical feasibility of implementation of the plan; and
(3) The effectiveness with which the plan minimizes the impact of any curtailment.