An 'offensive' and 'dangerous precedent': N.L. Hydro proposed rate change would mean 1,100 per cent increase for surplus energy, block chain company says | SaltWire

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BlockLAB, a blockchain company with data centres in Labrador, says the application runs contrary to NL Hydro’s legislated mandate to provide power within NL at reasonable rates which are not unjustly discriminatory. From evancareen

NL Hydro is proposing to change the rate charged for excess power in the province to reflect the market value of exporting it. Photo by Matthew Henry on UnsplashST. JOHN'S, N.L. — Newfoundland and Labrador Hydro is proposing a new electricity rate for the use of surplus power and it has drawn the attention of some big industrial customers in the province.

One company expressing concern about the application is BlockLAB, a blockchain company with data centres in Labrador City and Happy Valley-Goose Bay. According to the Labrador company, the application “proposes a profound shift in the regulation of Hydro rates charged in the province,” and the change would mean a 1,100 per cent increase in rates for BlockLAB and other customers using surplus energy.

Some of the larger industrial companies operating in the province also received intervenor status from the PUB, including IOC, Vale, and Corner Brook Pulp and Paper Ltd. Those companies asked for more information from Hydro regarding the application, submitting dozens of questions between them.

 

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