If the Commission determines that a site is needed, the Commission, on its own motion, may request the Secretary of Natural Resources to purchase a power plant site as provided in Title 3, Subtitle 3 of the Natural Resources Article. In determining whether a need exists for the State to purchase a power plant site, the Commission shall consider: the suitability of sites owned by an electric company, both within and outside the State; the anticipated growth of electric power demand and the alternative means and locations for meeting that demand, both within and outside the State; and any other factors required by law. The Commission may determine that a power plant site is needed only after the Commission gives public notice and holds a public hearing. The hearing shall be held in the legislative district in which the site under consideration is located.