The European Union has drafted new rules for grid project approval procedures, seeking to significantly reduce wait times in a bid to alleviate the energy cost burden on businesses. According to a Reuters report citing draft documents produced by the European Commission, the deadline for approving grid projects will be cut from up to 10 years to two years. Approval will be automatic if the respective regulator does not issue one. The plan to fast-track grid projects was made public earlier this year, with European Commission President Ursula von…