(a) A proceeding under this article may be initiated by the commission on its own motion, or by the staff of the commission, or any other person or entity having a legal interest in the financial, managerial, or operational condition of the utility, by filing a petition with the commission. In any such petition, the utility shall be named as the respondent. The commission shall include as additional parties any capable proximate public and private utilities that may be able to acquire the utility.
(b) The commission shall hold an evidentiary and public hearing(s) in a location in or within 25 miles of the utilitys service area. The commission shall give reasonable notice of the time, place, and subject matter of the hearing as follows:
(1) Issuance of a press release;