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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Post or enjoy below:
🗞️ Driving the news: UK energy regulator Ofgem is set to approve a proposal to reform the country’s power grid connection queue
• The overhaul would eliminate the current "first come, first served" system, prioritizing projects that are ready and aligned with the UK's decarbonization goals
• The move aims to address long wait times, with some projects delayed for up to a decade
🔭 The context: The UK’s Clean Power 2030 plan aims to nearly eliminate fossil fuels from electricity generation
• The backlog in grid connections has been a significant hurdle to achieving this goal
• The National Energy System Operator (NESO) has already paused new applications in preparation for the reforms
🌍 Why it matters for the planet: Accelerating renewable energy connections is crucial for the UK to meet its net-zero targets
• The changes will also benefit public services and industries like EV charging and data centers, which depend on reliable clean power
• The reforms are expected to unlock £200 billion ($251 billion) in private investment
⏭️ What's next: Ofgem will consult on the proposal until March 14 before making a final decision
• If approved, the new rules could take effect as early as spring 2025. NESO's proactive role is expected to expedite urgent projects and modernize the energy system
💬 One quote: “Britain will not get a clean power grid by 2030 unless an unprecedented volume of new renewable power and storage is connected to electricity networks.” — Akshay Kaul, Ofgem’s director general for infrastructure
📈 One stat: The UK grid connection queue holds enough projects to meet clean power goals by 2030, but delays have pushed some projects back by up to 10 years
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