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illuminem summarizes for you the essential news of the day. Read the full piece in the Financial Times or enjoy below
🗞️ Driving the news: A new government report suggests that homeowners should receive substantial compensation for consenting to the construction of high-voltage power lines in their vicinity
• The proposal could expedite large-scale transmission projects in the UK, currently averaging 14 years for completion
🔭 The context: As part of the strategy to achieve the UK's net zero targets by 2050, National Grid has called for planning system reform to accommodate the proposed infrastructure revamp
• The organization forecasts a fivefold increase in network development over the next seven years compared to the last three decades
🌎 Why does it matter for the planet: The recommended lump sum payments could alleviate resistance to new installations and streamline planning and regulatory procedures
• The UK's shift towards wind turbines, heat pumps, and electric vehicles necessitates a significant expansion of the electricity grid
⏭️ What's next: The proposal for lump sum compensation is set to address potential tensions over plans to decarbonize the economy
• Keep an eye on the government's response to this proposal and its overall strategy to meet its legally binding net zero carbon emissions target by 2050
💬 One quote: "Halving the time took to build out the network would be a game-changer for the industry and the country" (Tom Glover, UK chair for RWE)
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