Can someone please help me identify this plant. It is growing about 1 meter per week, not watering it or anything, been a bit of recent rain though, and I am now concerned if I should move it away from the power lines, or cut it down.
Probably, yucca inflorescence stalk. It may grow very tall (http://en.wikipedia.org/wiki/File:Yucca_whipplei_2005.jpg), but will die-off after flowering.
It's a Furcraea sp., as Andrey says the developing inflorescence. Would be a pity to cut it off, maybe you could just pull it to one side of the power lines and stay it with a light rope. They flower over many months.