Quebec is reportedly considering the ways to cope with soaring power demand from crypto miners and while then, this sector will face extra high electricity prices.
According to the news reports, the local regulator Regie de l’energie enabled Hydro-Quebec to boost the costs almost 3-fold to some 15 cents KWh for blockchain companies. Notably, the new tariffs are unlikely to cover the existing consumers (some 120 MW in total).
The Hydro-Quebec power supplier has lately stated that the coming requests exceed its short- and mid-term capacities. Quebec is known for the cheapest electricity in North America and now the authorities are striving to determine the specific rates for crypto miners.
“We don’t want to send a message to the market that this is the price for cryptocurrencies in Quebec,” reported Bloomberg citing Hydro-Quebec spokesman Jonathan Cote, “It’s more that requests are suspended until we have the proper framework determining conditions for that market.”
The major power supplier in the country will reportedly submit the application with "selection process for the blockchain industry", which may receive 500 MW in total.
As a result, the provider will have an opportunity to study this sector and determine fair prices. The announced power prices are said to be effective for several weeks, and then the regulator will set the price for all.