Section 1I. Each investor-owned electric distribution, transmission, and natural gas distribution company shall file a report with the department by March first of each year comparing its performance during the previous calendar year to the department’s service quality standards and any applicable national standards as may be adopted by the department. The department shall be authorized to levy a penalty against any distribution, transmission, or gas company which fails to meet the service quality standards in an amount up to and including the equivalent of 2.5 per cent of such company’s transmission and distribution service revenues for the previous calendar year.