A public hearing on the cryptocurrency moratorium will be held August 6.
Submitted by Chelan County PUD
In advance of the cryptocurrency rate public hearing on Aug. 6, Chelan County PUD commissioners received an update on transmission and distribution challenges related to requests for power to serve large loads and a recommendation about possible cryptocurrency rates.
“Volatility in cryptocurrency markets has us taking a cautious approach to new, larger cryptocurrency mining requests,” says PUD General Manager Steve Wright. “We want to create policies that satisfy our goal to keep our existing, non-cryptocurrency customers neutral to positive, while also giving this new technology a chance to be successful in Chelan County. I guess you could say that our objective is to make lemonade out of what seems to be a daunting challenge.”
Under the proposed cryptocurrency rate, customers would pay the cost of power purchased from the wholesale market. Cryptocurrency customers also would pay upfront charges to cover the cost of potential infrastructure investment.
Lindsey Mohns, Customer Utilities business manager, described the constraints in the PUD’s transmission and distribution infrastructure . Mohns said there is transmission and distribution capability in parts of Chelan County, particularly in the Malaga, Wenatchee and Olds Station areas, but that in no case currently is there availability of more than 4 megawatts of power capacity at any of the existing substations.
Following the presentation, commissioners commented that the approach in developing a new rate – using standard rate-making methodology where rates follow costs – makes sense.
“I really like this direction,” said Commissioner Steve McKenna. “It’s balanced, it’s rational, it’s moving forward and protecting the interests of existing ratepayers.”
The information presented today will be available to the public at chelanpud.org/cryptocurrency, before the Monday, Aug. 6, hearing at 1 p.m. at the Confluence Technology Center.
