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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:
🗞️ Driving the news: UK Chancellor Jeremy Hunt plans to accelerate the rollout of new electricity networks in Britain, offering up to £10,000 in bill reductions over 10 years to residents near pylons and substations
🔭 The context: The Autumn Statement will include a compensation package and planning reforms to cut the delivery time for new electricity projects from 14 years to seven, addressing delays that hinder Britain's low-carbon transition
🌍 Why it matters for the planet: Rapid construction of electricity infrastructure is crucial for moving power from wind and solar farms, essential in the shift from fossil fuels
⏭️ What's next: Hunt aims to attract £90bn in global investment over the next decade, with planning reforms focusing on electric vehicle charging points and a premium planning service
💬 One quote: "Expanding the grid will unlock global investment for Britain and bring improvements for people across the country, with energy security that will keep energy costs down" (One undisclosed Treasury Official)
📈 One stat: The National Grid reported a queue for transmission network connection comprising projects with a combined capacity of 400GW, several times more than the current total capacity
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