"Price regulation" defined--Determination of fair and reasonable price.
For the purposes of this chapter, "price regulation" is the procedure used by the commission to approve the charge for an emerging or noncompetitive telecommunications service which is not based on rate of return regulation. In determining whether the price is fair and reasonable, the commission shall determine and consider the price of alternative services, the overall market for the service, the affordability of the price for the service in the market it is offered, and the impact of the price of the service on the commitment to preserve affordable universal service. In determining the price for an emerging competitive service, the commission shall also consider the actual cost of providing the service. In determining the price for a noncompetitive service, the commission shall also consider the fully allocated cost of providing the service.