Notwithstanding the provisions of subsection 2 of section 392.245, an incumbent local exchange telecommunications company regulated under section 392.245 may petition the commission for rate relief under the provisions of sections 392.220 and 392.230, and the commission may grant such rate relief if it determines that the financial condition of such incumbent local exchange telecommunications company’s Missouri jurisdictional operations is such that the company cannot attract capital on reasonable terms or that the ability of that incumbent local exchange telecommunications company to continue to provide safe and adequate universal telecommunications service is threatened. If the commission shall be of the opinion that the maximum rates, charges or rentals chargeable by such telecommunications company are insufficient to yield reasonable compensation for the service rendered, the commission shall with due regard, among other things, to a reasonable average return upon the value of the property actually used in the public service and of the necessity of making reservation out of income for surplus and contingencies, determine the just and reasonable rates, charges and rentals to be thereafter observed and in force as the maximum to be charged, demanded, exacted or collected for the performance or rendering of the service specified and shall fix the same by order served upon such incumbent local exchange telecommunications company, and thereafter no increase in any rate, charge or rental so fixed shall be made without the consent of the commission.