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Paducah Power System presents clean audit and details revenue from three Bitcoin-mining customers
Summary
Paducah Power System delivered a clean audit and reported stable finances and an emerging revenue stream from three cryptocurrency-mining customers; staff described accounting treatment that directs 10% of miner-derived revenues to the power cost adjustment and 90% to a rate-stabilization fund.
Paducah Power System officials presented the utility’s annual audit to the Paducah Board of Commissioners on Jan. 28, 2025, saying the audit opinion was clean and financial operations showed strong stability and control.
"If you remember anything, it's 95%," Doug Hanley said, summarizing the utility’s comparison of actual results to budget: total revenues, expenses and net results each landed at roughly 95% of budget. Hanley, who presented the audit and identified himself as the organization’s finance lead, said residential bills for a 1,000-kilowatt-hour month have fallen in nominal terms from $157 in January 2022 to about $152, a $5 reduction that he said outpaced inflation.
Hanley also…
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