1. A public utility proposing to convert an existing facility in this state for the generation of electricity which is fired by gas or oil to a facility which is also capable of being fired by coal may apply to the Commission for an adjustment in its rates to permit its recovery of the cost of the conversion.
2. After receipt of such an application, the Commission shall hold a public hearing within 120 days to consider whether to authorize such an adjustment and, if authorized, the methods to be used to permit the recovery.