(b) An application from an electrical corporation or gas corporation requesting authorization for or recovery of capital expenditures, including an application for conditional approval of the costs of an undergrounding plan pursuant to Section 8388.5, shall include, if the commission pursuant to subdivision (a) determines that the estimates are required, the electrical corporation’s or gas corporation’s best estimate of both of the following:

1. (1) The application’s impact on the electrical corporation’s or gas corporation’s annual revenue requirement for each year that the capital expenditures described in the application are expected to remain in the application’s rate base if the application is approved or conditionally approved.
2. (2) The net present value of the application’s impact on the electrical corporation’s or gas corporation’s annual revenue requirement provided pursuant to paragraph (1).