The Legislature hereby finds and declares that the payment of prevailing wages to workers employed by a contractor or subcontractor to perform construction work on a significant operational or capital requirement project awarded by a public utility is essential to:
1. Increasing the number of skilled construction workers in this State;
2. Ensuring the highest quality of work on such projects;
3. Ensuring the safe and timely completion of such projects;
4. Ensuring that the residents of this State have access to safe, reliable and affordable energy resources; and
5. Enhancing public safety.