This section applies: to a project undertaken by an investor–owned electric company or gas and electric company that: involves the construction, reconstruction, installation, demolition, restoration, or alteration of any electric infrastructure of the company, and any related traffic control activities; and is funded by federal funds to meet the State’s policy goals for electric system planning under Title 7, Subtitle 8 of the Public Utilities Article, including funds made available under the federal Infrastructure Investment and Jobs Act or the federal Inflation Reduction Act; and only to the portion of the project supported by the federal funds. An investor–owned electric company or gas and electric company shall require a contractor or subcontractor on a project described in subsection (a) of this section to: pay the area prevailing wage for each trade employed, including wages and fringe benefits; offer health care and retirement benefits to the employees working on the project; participate in an apprenticeship program registered with the State for each trade employed on the project; establish and execute a plan for outreach, recruitment, and retention of State residents to perform work on the project, with an aspirational goal of 25% of total work hours performed by Maryland residents, including residents who are: returning citizens; women; minority individuals; or veterans; have been in compliance with federal and State wage and hour laws for the previous 3 years; be subject to all State reporting and compliance requirements; and maintain all appropriate licenses in good standing.