Section 126. The decision

1.  The commission shall render a decision upon
  the record either granting  or  denying  the  application  as  filed  or
  granting it upon such terms, conditions, limitations or modifications of
  the construction or operation of the facility as the commission may deem
  appropriate.  If  the  commission denies the application, it shall file,
  with its order, an opinion stating in full its reasons for  the  denial.
  Except  as  provided in subdivision two of this section, the  commission
  may not grant a certificate for the construction or operation of a major
  utility transmission facility, either as proposed or as modified by  the
  commission, unless it shall find and determine:
    (a) the basis of the need for the facility;
    (b) the nature of the probable environmental impact;
    (c) that  the  facility  represents  the minimum adverse environmental
  impact, considering the state of available technology and the nature and
  economics   of   the   various   alternatives,   and   other   pertinent
  considerations  including but not limited to, the effect on agricultural
  lands, wetlands, parklands and river corridors traversed;
    (d) in the case of an electric transmission line, (1)  what  part,  if
  any,  of  the  line shall be located underground; (2) that such facility
  conforms to a long-range plan for expansion of the electric  power  grid
  of  the  electric  systems serving this state and interconnected utility
  systems, which will serve the interests of electric system  economy  and
  reliability;
    (e)  in  the case of a gas transmission line, that the location of the
  line will not pose an undue hazard to persons or property along the area
  traversed by the line;
    (f) that  the  location  of  the  facility  as  proposed  conforms  to
  applicable  state  and local laws and regulations issued thereunder, all
  of  which  shall  be  binding  upon  the  commission,  except  that  the
  commission  may  refuse to apply any local ordinance, law, resolution or
  other action or any regulation issued thereunder or any  local  standard
  or  requirement  which would be otherwise applicable if it finds that as
  applied to the proposed facility such  is  unreasonably  restrictive  in
  view  of the existing technology, or of factors of cost or economics, or
  of the needs of consumers whether located  inside  or  outside  of  such
  municipality.
    (g) that the facility will serve the public interest, convenience, and
  necessity,  provided, however, that a determination of necessity made by
  the power authority of the state of New York  pursuant  to  section  ten
  hundred  five  of  the  public  authorities  law  for  a  major  utility
  transmission facility for which an application has been filed  prior  to
  July  first,  nineteen  hundred  seventy-eight  pursuant  to section one
  hundred  twenty-two  of  this  chapter,  shall  be  conclusive  on   the
  commission.
    2.  In  the case of an electric transmission line to be constructed by
  the power authority of the state of New York and located in  part  under
  the  waters of Long Island Sound and for the remaining part underground,
  the commission shall make only the findings and determinations  required
  by  paragraphs  (b), (c) and (f) of subdivision one of this section and,
  on the basis of such findings and determinations, shall grant, grant  in
  part, or deny the certificate.
    3.  If the commission determines that the location of all or a part of
  the  proposed  facility  should  be  modified,  it  may  condition   its
  certificate upon such modification, provided that the municipalities and
  persons  residing  in  such  municipalities affected by the modification
  shall have had notice of the application as provided in subdivision  two
  of section one hundred twenty-two.

    4.  A  copy  of the order and any opinion issued therewith pursuant to
  section one hundred twenty-seven shall be served upon each party.