The Commission may not approve an application for a nuclear energy generation project submitted under § 7–1212 of this subtitle unless: the project is connected to the electric system serving the State; over the duration of the proposed long–term pricing schedule, the projected net rate impact for an average residential customer, based on annual consumption of 12,000 kilowatt–hours and combined with the projected net rate impact of other nuclear energy generation projects, does not exceed an amount determined by the Commission; over the duration of the proposed long–term pricing schedule, the projected net rate impact for all nonresidential customers, considered as a blended average and combined with the projected net rate impact of other nuclear energy generation projects, does not exceed a percentage determined by the Commission of nonresidential customers’ total annual electric bills; and the price specified in the proposed long–term pricing schedule does not exceed an amount determined by the Commission. When calculating the projected net average rate impacts for nuclear energy generation projects under this section, the Commission shall consider the net long–term cost per megawatt–hour applied to residential and nonresidential customers.