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what is the argument in favor of longtime residents having to pay for that CapEx?

The argument is that people like air conditioning and lights, so they will pay, or leave.

If the existing power supply is sufficient to supply the A/C and lights for an area, but a new buyer comes in and offers 10% more $ to purchase all the power currently being generated, there exist also the options of 1) make the new customer pay a lot more to deliver power quickly or 2) simply deny the connection rights (presumably much easier to do when talking about gigawatt-scale requests).

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