March 1, 2024

The Queens County Citizen

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Cryptocurrencies | Risk for Hydro-Quebec, government says

Cryptocurrencies |  Risk for Hydro-Quebec, government says

Demand for electricity is so strong that hydro-Québec should not allocate too much power to non-priority and strategic sectors like cryptocurrencies, the government predicted in a decree asking for REGI power to relieve the crown corporation of its responsibility. Supply this field.

Posted at 11:23 am

Helen Barrill

Helen Barrill

“Allocating a block dedicated to a specific sector for priority and non-strategic connection requests should be considered risky. [pour] The power distributor’s ability to adequately respond to priority and strategic connection requests made to it,” was published in the decree Official Gazette.

The decree targets a portion of the 300 MW block allocated to the cryptocurrency sector, or the 270 MW still available.

The Minister for Economy, Innovation and Energy, Pierre Fitzgibbon, had already announced last week the government’s intention to reallocate this energy to other sectors.

“Government has asked Régie de l’Energie by decree to withdraw 270 megawatts reserved for blockchain projects, considering the strong demand for energy,” the minister tweeted.

“All means should be taken to ensure that energy available for strategic sectors as well as energy transition is conserved”, the text of the decree stipulates.

The electrification of transport, particularly the battery sector for electric vehicles, is at the heart of the Legault government’s environmental strategy.

Inundated with supply requests from the cryptocurrency sector, Hydro-Québec requested and received from the Regie de l’énergie the authorization to limit the amount of energy allocated to this activity to 300 megawatts, of which 30 were allocated.

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The Régie de l’énergie must take into account the intentions communicated to the government by order.

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