Section 121. Certificate of environmental compatibility and public need

1.
  No person shall, after July first, nineteen  hundred  seventy,  commence
  the  preparation  of  the  site  for the construction of a major utility
  transmission facility in the  state  without  having  first  obtained  a
  certificate of environmental compatibility and public need (hereafter in
  this  article  called  a  "certificate")  issued  with  respect  to such
  facility by the  commission.  The  replacement  of  existing  with  like
  facilities,  as  determined  by the commission, shall not constitute the
  construction of a major utility transmission facility. Any facility with
  respect to which a certificate is required shall  thereafter  be  built,
  maintained  and  operated  in  conformity  with such certificate and any
  terms, limitations or conditions contained therein.   A certificate  may
  only be issued pursuant to this article.
    2.  A  certificate  may be transferred, subject to the approval of the
  commission, to a person who agrees to comply with the terms, limitations
  and conditions contained therein.
    3. A certificate issued hereunder may be amended as herein provided.
    4. This article shall not apply  to  any  major  utility  transmission
  facility:
    a.  For  which,  on  or before July first, nineteen hundred seventy an
  application has been made for a license,  permit,  consent  or  approval
  from any federal, state or local commission, agency, board or regulatory
  body,   in   which   application  the  location  of  the  major  utility
  transmission facility has been designated by the applicant;
    b. The construction of which has been approved by  a  municipality  or
  public  benefit  corporation  which  has sold bonds or bond anticipation
  notes on or before July first, nineteen hundred seventy, the proceeds or
  part of the proceeds of which are to be used in payment therefor; or
    c. Over which any agency or department of the federal  government  has
  exclusive  jurisdiction, or has jurisdiction concurrent with that of the
  state  and  has  exercised  such  jurisdiction,  to  the  exclusion   of
  regulation of the facility by the state.
    5.  Any  person  intending  to  construct a major utility transmission
  facility excluded from this article pursuant  to  subdivision  four  may
  elect to waive such exclusion by delivering notice of such waiver to the
  commission.  This  article  shall thereafter apply to each major utility
  transmission facility identified in such notice from  the  date  of  its
  receipt by the commission.