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The utility is interested in making more transactions in these industries, with a focus on regions it’s connected with. The two also struck an alliance to make joint investments. Last year it bought a 19.9 per cent stake in Innergex Renewable Energy Inc., a company based outside Montreal that owns and operates hydro electric power facilities, as well as wind and solar farms in several countries. In addition, Hydro-Quebec is taking a more active approach to other sources of renewable energy. “The population right now wants to make sure that when we move forward and use a green electron, it goes as long a way as possible,” she said. and Europe achieve clean energy goals also appeals more to Quebeckers. The idea would be to produce the clean-burning gas in Quebec - using electricity to break water molecules - and then ship it across the Atlantic. Europe’s goal to rely on hydrogen produced without fossil fuels for its heavy industry has prospective power customers from the other side of the pond knocking on Hydro-Quebec’s door.
But there’s also interest from people wanting to use hydro electric power to make their products greener, she said. Data centers, though, have been going up at a faster clip, from 39 in 2019 to the 50 it has now.ĭemand is helped by the post-pandemic economic rebound. The province’s cryptocurrency mining boom hit a wall when a moratorium was imposed, and new rules that followed did little to revive it: Of an extra 300 megawatts allocated to new clients from the industry in 2019, only 22 megawatts have been taken up, according to Hydro-Quebec. “We’re not saying ‘Oh my God, where do we push our electricity right now?’” “Appetite for our electricity has never been higher,” said Brochu, who took over the government-owned company in the early weeks of the pandemic. projects proceed - there’s been strong opposition to one of two new transmission lines in Maine - Hydro-Quebec no longer foresees the kind of excess capacity that made it eager to add cryptocurrency miners and data centers clients just a few years ago. and Microsoft Corp., the province also has large contracts to export its clean electricity to New York and Massachusetts.
Home to 50 power-intensive data centers for companies including Inc. to China, Quebec is in a enviable position. With the world confronting the challenges of transitioning to cleaner energy this winter as natural gas shortages cripple countries from the U.K. “They are ready to pay a fortune to decarbonize.” “We have people right now in Europe who want to decarbonize: They are very interested in coming to Quebec to produce green hydrogen from green electricity, to put that on a boat, and go back,” Sophie Brochu, the chief executive officer of power utility Hydro-Quebec, said in an interview. The abundance of cheap hydro-electric power that made Quebec a haven for cryptocurrency miners and data centers is now attracting other potential power-thirsty buyers: European green hydrogen producers.