Hydro-Quebec To Require Crypto Miners To Bid For Electricity

Hydro Quebec Legislation

Previously denying crypto miners electricity to power up their mining rigs, Hydro-Quebec has come up with new parameters for the selection process concerning crypto industry projects to Régie de l’énergie, the province’s energy regulating authority.

In a press release on June 21, the said electricity provider announced that it would be allocating a 500-MW block for blockchain firms, to be approved by the said energy authority.

Once the resolution gets approved, Hydro-Quebec will begin to screen applications and submit recommendations to Régie de l’énergie and await its approval.

According to the press release, these are the criteria for blockchain industries’ proposal to be approved:

  • Proposed increase to the price (¢/kWh) of the energy component of rates M or LG in effect, as applicable, with a minimum increase of 1¢/kWh.
  • Maximizing economic spinoffs for Québec:
  • Number of direct jobs per MW
  • Total payroll of direct jobs in Québec per MW
  • Investments per MW

Those who can operate their facilities as soon as possible will be favored, as well as those that can offer the province additional benefits, aside from merely paying for the energy consumption that would be allocated to them.

Finally, customers will be asked to minimize their electricity consumption to 300 hours per year. This is to make sure that Hydro-Quebec will have an ample supply of electricity for the entire province, especially during the winter peak period.

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