The Quebec’s public power utility has submitted plans to its government that could make a way for Hydro-Quebec to set new framework to work with crypto miners.
According to a statement, if the provincial government approved submitted plans, Hydro-Quebec would sell 500 megawatts power to crypto miners. The power utility said that if Régie de l’énergie, if approved, the Hydro-Quebec would allow miners to bid based on their abilities to create jobs and economic benefits.
Moreover, Hydro-Quebec said that it is seeking a speedy solution to the issue, citing level of demand that it wants to set prohibitively expensive rates for crypto miners. Hydro-Quebec utility claims regulators to propose a selection process for the blockchain companies in which it will allocate 500 megawatts.
“The economic analysis will favor customers who will be ready to operate their facilities as quickly as possible. In addition, Hydro-Québec could request that these customers decrease their electricity use, for a maximum of 300 hours per year, to allow it to ensure the delivery of electricity to all of its customers, particularly during the winter peak period”.
Additionally, in order to free up power for other customers, power utility wants to reduce the amount of power that crypto miners can draw in a year. However, the difference of opinions has been at the heart of North American between residents, local government and crypto miners.
Moreover, at the beginning year, Hydro-Quebec indicated that it would not be able to meet all the demand powered by crypto miners. Previously, it had stated that Canada’s Quebec region announced that it will not approve any cryptocurrency mining projects, until it sets new regulations on their operations.