In this section, “nonpipeline alternative” means an investment or activity that defers, reduces, or eliminates the need to construct a new gas pipeline. Nothing in this section may be construed to restrict an investor–owned gas company’s ability to make improvements to its gas system to ensure the safe and reliable operation of the system. An investor–owned gas company may recover reasonable and prudent costs associated with a planned gas infrastructure investment if the investor–owned gas company demonstrates at a rate setting proceeding: the customer benefits of the investment; that the investor–owned gas company analyzed cost–effective options available to defer, reduce, or eliminate the need to replace, upgrade, or construct new components, including an analysis of: for new investments unrelated to safety, nonpipeline alternatives; and leak detection and repair; and the estimated risk reduction associated with a safety–related investment, if applicable.