Section 1J. The department shall promulgate rules and regulations to establish standards of acceptable performance for emergency preparation and restoration of service for electric and gas distribution companies doing business in the commonwealth. The department shall levy a penalty not to exceed $500,000 for each violation for each day that the violation of the department’s standards persists; provided, however, that the maximum penalty shall not exceed $50,000,000 for any related series of violations. The department shall open a full investigation, upon its own initiative, or upon petition of the attorney general or by the city council in an affected city or by the board of selectmen in an affected town, regarding a violation of the department’s standards of acceptable performance to determine whether the electric or gas distribution company violated such standards; provided, however, that said petition shall be filed with the department not later than 90 days after the violation has been remedied.