Section 54. If a town voting to purchase electricity from a street railway company is unable to agree with such company at the expiration of a contract, made in accordance with section fifty-two, upon the price to be paid for electricity by, or upon the manner in which electricity is to be furnished to, said town in the future, its selectmen may apply to the department to fix the price which it shall pay for said electricity to, and the manner in which electricity shall be furnished by, said company; and thereupon the department shall set a date for a public hearing upon such application, giving said company reasonable notice thereof; and after the hearing the department shall, if it deems the furnishing of such electricity consistent with the interest of public travel upon the railway of such company, fix the price which said town shall pay for electricity to, and the manner in which electricity shall be furnished by, said company; and said company shall thereupon furnish to said town electricity at the price and in the manner fixed by the department.