The operative word is "separately" i.e. Phase 2 is a WHOLE NEW BALLGAME like a separate license so the rate analysis for Phase 2 must take into account "all relevant factors". As you imply, it seems P1 is a fixed done deal and not subject to the "all relevant factors" clause.
So, what constitutes a "relevant facor" and how those factors should weigh into the "analysis" of the P2 rate are the issues and the openings for Nok to argue anything and everything are relevant to the 2G P2 rate arbitration. That is how I read it.