An application for a proposed transmission line or modification to an existing transmission line shall include: An explanation of the need for the project in meeting demands for service; A description of the effect of the project on system stability and reliability; A description of the consequences if the project is delayed or not approved; An explanation of the cost effectiveness of the project, including an estimate of capital cost and annual operating cost; and A description of the impact of the project on the economies of the State. If requested by the Commission, an application for a proposed transmission line shall include a plan as defined under COMAR 20.79.01.02.