Washington State Utility ‘Grant PUD’ Sued by 9 Crypto Mining Firms Over Higher Electricity Costs
One of the most prominent utility in Washington was sued by 9 crypto firm because they
“acted inappropriately in creating and approving a new rate that raises electricity costs.”
The Grant PUD announced that its commissioners had accepted to cover legal costs for themselves and employees, in relation to the case, which alleges that the utility district had “acted inappropriately” in the approval of the new rate.
The approved fare hike is supposed to take effect on April 1, increasing power rates for cryptocurrency firms by 15%. This is scheduled to go up by another 35% in 2020, and another 50% in 2021.
The rate increase was first accepted upon in May of 2018. With rates for cryptocurrency companies rising, it was claimed that this would create greater certainty of costs and waiting periods.
Grant GUD said:
“Similar to the pricing for current large industrial customers, the new policy requires these emerging businesses to pay more, so core residential, irrigation, and commercial customers can continue to pay below-cost rates.”
They added: Rate 17 [Evolving Industry Class] customers will receive a 15-percent increase next year, a 35-percent increase in 2020 and a 50-percent increase in 2021 when the new rate will be fully in effect. Any new evolving-industry customers would come in at the rate-phase in effect at the time they begin operations
The Meeting held this Tuesday revealed that the PUD will cover the cost of legal defense for commissioners Tom Flint, Dale Walker, and Larry Schaapman, as well as former commissioners Terry Brewer and Bob Bernd, and ten PUD employees.