Hut 8 secures long-term power contracts in Ontario, Canada, stabilizing cash flows and maximizing returns

Hut 8 secures five-year power contracts in Ontario, Canada with IESO for 310MW. Contracts offer C$530 ($388) per MW-business day for the first year. Stable cash flows aim to reduce earnings volatility. CEO Genoot praises team’s efforts in securing contracts and maximizing returns on power assets.

Hut 8’s success stems from proactive portfolio management and identifying value-accretive opportunities. Upside potential through additional energy sales in Ontario’s growing market. IESO forecasts up to a 75% surge in electricity demand by 2050, creating a need for current dispatchable assets. Far North power plants positioned for long-term relevance.

Macquarie Group’s managing director praises Far North’s milestone with Hut 8. Contracts position power plants for long-term relevance in a capacity-constrained market. Milestone reflects business value and strong partnership with Hut 8. Far North poised to make significant impact as a capital provider in Ontario’s power sector.

Read more at Yahoo Finance: Hut 8 secures five-year power contracts in Ontario, Canada