2. Revocation or modification of certificate. The commission may commence a proceeding, conducted in accordance with the commission's rules and regulations, to revoke or modify a combined electric and gas corporation's certificate as it relates to such corporation's service territory or any portion thereof based on findings of repeated violations of this chapter or rules or regulations adopted thereto that demonstrate a failure of such corporation to continue to provide safe and adequate service. Whenever the commission has reason to believe that such corporation's certificate may be subject to revocation or modification, it shall notify such corporation of the facts and nature of each act or failure to act allegedly warranting such revocation or modification, and the statute, regulation or order allegedly violated, and otherwise consider the following factors:

1. (a) the factors identified in subdivision one of this section for issuance of a certificate of public convenience and necessity;
2. (b) whether another person, firm or corporation is qualified, available, and prepared to provide alternative service that is adequate to serve the public convenience and necessity, and that the transition to such alternative person, firm or corporation is in the public interest; and
3. (c) upon any other standards and procedures deemed necessary by the commission to ensure continuity of safe and adequate service, and due process.