If there shall be filed with the commission by any public utility an application requesting the commission to determine the reasonableness of the utility’s rates, charges, schedules, service or regulations, the commission shall promptly initiate a formal proceeding. Such a formal proceeding may be initiated at any time by the commission on its own motion. Whenever such a proceeding has been initiated upon application or motion, the commission shall set the case for hearing and give such notice thereof as itdeems appropriate. Whenever the commission, after a hearing held after reasonable notice, finds any public utility’s rates, charges, schedules, service or regulations are unjust, unreasonable, insufficient, discriminatory or otherwise in violation of any provision of law, the commission shall determine just, reasonable, sufficient and nondiscriminatory rates, charges, schedules, service or regulations to be thereafter observed and enforced.
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