Hydro-Québec slows down the cryptocurrency sector

The pressure intensifies on Hydro-Quebec. Not only will the growth in electricity demand increase by 14% over the next 10 years, but the company is slowing the development of the energy-intensive cryptocurrency sector, the consumption of which “would be likely to put the reliability and security of supply” of the network in the coming years.

The state-owned company’s energy report shows that the addition of electricity volumes planned for cryptographic use would exceed 3 TWh as of winter 2024. “Ultimately, this would be likely to put the reliability and security of supply” of the distribution network, we read in a document that Hydro-Québec filed Thursday with the Régie de l’énergie.

Is this the swan song of the blockchain industry (blockchains)? In part. On Twitter, the Minister of Economy and Energy, Pierre Fitzgibbon, wrote: “Considering the strong demand for energy, the government has asked the Régie de l’énergie by decree to consider withdrawing the 270 MW reserved for blockchain projects. We remain open to projects that will have greater benefits. »

This information was communicated on the sidelines of the publication of Hydro-Québec’s 2023-2032 Supply Plan, which forecasts a growth in electricity demand in Quebec of 25 terawatt hours (TWh) within 10 years. , an increase of 14%.

Optimistically, the state-owned company believes that, thanks to its “significant efforts” in terms of energy efficiency, “to erase 8.9 TWh by 2032”. At the same time, it plans to increase electricity production. Two tenders — one for 300 MW of wind energy, the other for 480 MW of renewable energy — are underway. To this will be added in the coming months two other calls for tenders, respectively for 1,000 MW of wind energy and 1,300 MW of renewable energy.

In its strategic plan published in March 2022, Hydro-Québec indicated that more than 100 TWh of additional clean electricity would be required for Quebec to achieve carbon neutrality in 2050, which represents more than half of Hydro’s current capacity. -Quebec.

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