5. An application for authorization referred to in the second paragraph of section 1 shall be made according to investment category and shall contain the following:(1) the descriptive summary of the investments and their objectives;
(2) the costs based on the investment category;
(3) the justification of the investments with regard to the objectives;
(4) the impact on rates; and
(5) the impact on the reliability of the electric power transmission system and the quality of the electric power transmission service or electric power or natural gas distribution service.