(1) An application for an electric transmission line must contain an explanation of the need for the facility based on, but not limited to, one or more of the following conditions:

(a) transient stability considerations under normal or contingent operating conditions;

(b) power transfer capacity under normal or contingent operating conditions;

(c) voltage drop in the transmission or subtransmission network under normal or contingent operating conditions;

(d) reliability of service considerations; and

(e) economy considerations.