Cryptocurrencies | A risk for Hydro-Québec, says the government

The demand for electricity is so strong that Hydro-Québec should not allocate more energy to sectors that are not priority and strategic, such as cryptocurrencies, estimates the government in a decree which asks the Régie to energy to release the Crown corporation from its obligation to supply this sector.

Posted at 11:23 a.m.

Helene Baril

Helene Baril
The Press

“It should be considered that the allocation of a block dedicated to a specific sector, for connection requests that are not priority and strategic, constitutes a risk to the ability of the electricity distributor to respond adequately to the requests priority and strategic connections made to it”, says the decree published in the Official Gazette.

This decree targets part of the 500 megawatt block allocated to the cryptocurrency sector, or 270 megawatts, which is still available.

The Minister of Economy, Pierre Fitzgibbon, had already announced last week the government’s intention to reallocate this block of energy to other sectors.

“Considering the form of energy demand, the government has asked the Régie de l’énergie by decree to consider withdrawing the 270 MW reserved for blockchain projects,” the minister tweeted.

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

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

Overwhelmed by supply requests from the cryptocurrency sector, Hydro-Québec had requested and obtained from the Régie de l’énergie the authorization to limit the amount of energy allocated to this activity to 500 megawatts, of which 230 have been allocated.

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

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