(1) An application for a transmission facility must contain a discussion of the reliability of the applicant's system and regional transmission system, including the following:
(a) a description of the existing and desired levels of transmission system reliability and how the proposed facility affects the level of reliability;
(b) as relevant, an explanation of the rationale for the selection of the applicant's desired level of reliability;
(c) the planning assumptions and rules used to maintain the desired level of transmission reliability;
(d) as relevant, the expected frequency of interruption of service to customers on the applicant's transmission system under current reliability criteria, and the extent to which that frequency of interruption is associated with outages of generation, transmission, and distribution facilities; and
(e) an economic evaluation of alternate levels of reliability.