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Paducah Power reports clean audit; bitcoin-mining customers now supply more than a quarter of sales
Summary
Paducah Power presented a clean audit and said two bitcoin-mining customers now account for more than 25% of system sales; utility officials said bitcoin revenues are directed to a rate-stabilization fund and to repay short-term financing for two major substation upgrades, while a fiber-to-the-home pilot is guiding a phased rollout.
Paducah Power officials told the Paducah Board of Commissioners on Dec. 9 that the utility's financial audit returned a clean opinion and that the system's financial position is strong.
"The audit opinion is clean," Doug Hanley said, adding that the utility recorded significantly higher revenues this year driven in part by two bitcoin-mining customers that now represent "over one fourth of the total system sales." Hanley said the utility treats those revenues as "outside the budget" so the system does not rely on them for ongoing operating assumptions.
Hanley described the utility's approach to the additional revenue: 10% of a…
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