• Sophie Brochu, the CEO of Hydro-Quebec, is officially stepping down in April after three years in the role.
• Hydro-Québec proposed suspending new power supply to the blockchain industry last year.
• The Board of Hydro-Québec will recommend a successor to the Québec Cabinet, but the name has not been released yet.
Sophie Brochu, the CEO of Hydro-Quebec – the utility company of the province of Quebec – is departing the firm on April 11, according to a Jan. 10 statement. Ms. Brochu has been with the firm for three years and was appointed the CEO in April 2020. During her tenure, she developed a new strategic plan that was accepted by many internal contributors and representatives of Québec society.
Last year, the utility firm proposed to Canada’s energy regulator to suspend the allocation of new 270 megawatts (MW) power supply, already planned for the blockchain industry. The company’s reasoning was that the industry was taking up too much power, which posed a threat to the province’s energy security. The proposal didn’t explicitly mention which part of that industry was being targeted, but the Canadian province has been an ideal place for crypto miners to set up due to its abundant supply of energy.
In response to the proposal, many crypto miners feared that their businesses would be affected and that the move would lead to a significant reduction in the industry’s presence in the province. However, the Québec Cabinet ultimately decided not to accept the proposal.
The Board of Hydro-Québec will recommend a successor to the Québec Cabinet, but the name of the candidate has not been revealed yet. Ms. Brochu’s departure will undoubtedly have implications for the company, and it remains to be seen how the new CEO will approach the blockchain industry. In the meantime, the utility firm will continue to supply power to the industry, as well as other businesses in the province.