(a) As used in this section, “watercourse” means a watercourse as defined in section 22a-38 and “hazardous substance” means any substance on the list prepared pursuant to Section 302 of the Emergency Planning and Community Right-to-Know Act.

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(b) The Commissioner of Energy and Environmental Protection may adopt regulations in accordance with the provisions of chapter 54 setting forth standards for the storage of hazardous substances near watercourses. Such regulations shall (1) establish best management practices for the storage of such substances, including determination of a minimum distance between any hazardous substance and a watercourse, and (2) establish a threshold quantity for storage before compliance with regulations adopted under this subsection is required.