Should We Underground HV Transmission Lines?

Q: Commissions and other regulatory bodies are increasingly siding with proponents for undergrounding high voltage transmission.  There are a number of reasons for choosing to underground transmission lines or line sections versus using overhead and there are some red-herring  arguments.  Would you agree with the following arguments in favor of undergrounding? 

1. Underground transmission has lower line losses.
2. Underground transmission is more likely to be able to absorb emergency power loads.
3. Underground transmission has lower maintenance costs.

Please briefly explain any responses with which you disagree.

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