Hydro-Quebec his dealing with huge problem right now, and to solve that problem, they're probably going to have to raise the electricity rates for residential customers.
The price increase will be a necessity in the coming years in order to meet the huge energy needs of cryptocurrency miners who want to come to Quebec.
Hydro-Quebec sent a letter to cryptocurrency developers, that was obtained by Le Journal, in which they submit that they will not be able to supply the demand during winter peaks on its power grid.
Hundreds of applications for projects in cryptocurrency mining have been received by Hydro-Quebec - which would require over 9,000 MW of energy. That's about a quarter of the utility's total generating capacity of 37,000 MW.
Hydro-Québec expects winter peak demand to increase from 37,853 MW this year to more than 40,460 MW in 2025 on its network.
"That would be the equivalent of two new hydroelectric plants like Churchill Falls that Hydro-Québec would have to build. We are talking about investments that could reach several billion dollars, " Source, Le Journal De Montreal
Cryptocurrency drilling centers require powerful computers to perform complex calculations in exchange for monetary gain. In the case of BitCoin, the most popular of these currencies, the monetary gain is minimal.
For April 1, Hydro-Québec is asking the Régie de l'énergie for an average rise of 1.1% in residential electricity rates.