State regulators reject Kentucky Power cryptomine deal - WYMT
State regulators reject Kentucky Power cryptomine deal
LAWRENCE COUNTY, Ky. (WYMT) - A deal that would have led to building Kentucky’s largest cryptomine has been rejected by state regulators, our media partners at the Lexington Herald-Leader report.
Kentucky Power struck a deal with Ebon, a Chinese cryptocurrency company, that would give Ebon 55 acres of land nearby a Lawrence County gas power plant.
Ebon reportedly planned to invest $250 million to build a facility next to the Big Sandy Generating Station in Louisa. The facility would have capacity to reportedly power approximately 25,000 homes.
The Public Service Commission (PSC) struck down the deal on Monday, citing concerns that Kentucky Power would not have the energy supply necessary for powering the operation.
Officials also reportedly stated that they feared Kentucky Power customers’ bills would increase as a result.
Kentucky Power released the following statement to WYMT:
“Kentucky Power is currently reviewing yesterday’s Commission order in the Ebon case. We believe economic development is imperative to improving the future of eastern Kentucky. Moving forward, we will continue to work diligently in this area while providing safe and reliable power to our customers.”
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