Business Briefs: Crypto co. buys power project

By Medicine Hat News on February 15, 2025.

Singapore-based Bitdeer Technologies Group has acquired a proposal to build a 101-megawatt electricity plant near Fox Creek, Alta., to power a cryptocurrency data centre it would add to the19-acre site.

Bitdeer and Kiwetinohk Energy Corp. each announced the transaction on Feb. 4, citing the price of US$21.7 million for the plant, which is permitted but not yet constructed.

It would be connected to a carbon sequestration and storage hub under development in the area, said Bitdeer officials, thereby avoiding a provincial carbon levy and a potential curtailing of operations to sell power on the Alberta grid at a profit.

Premier Danielle Smith, whose government has moved to encourage self-supply power and tech hubs, is quoted in the company’s announcement.

“We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility – right here in Alberta,” she stated. “(This) investment is another sign that Alberta continues to be a leader in technology and innovation, not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.”

Bitdeer also estimates US$90 million in plant construction and commissioning costs, and US$30 million to build the data centre.

Separately this week, the Alberta Utilities Commission approved a request by Alberta-based Kiwentinohk to delay completion of the gas-fired facility until the fall of 2027.

Bitdeer stated it considers the project scalable to as much as 1,000 megawatts of power, and, as is, will provide power for about 2.25-cents per kilowatt hour based on the price of natural gas.

IPC slows Suffield development after busy 2024

International Petroleum Corporation completed eight wells in its Suffield operating area in 2024, but has no major development plans there in the 2025 capital plan, the company said Wednesday while announcing year-end financial results.

About US$90 million is reserved for general investment and optimization in the region, but could be scaled back depending on oil and gas prices.

“IPC has significantly flexibility to control its pace of spend on the development of commodity prices in 2025,” read analysis presented by the company in financial reports.

IPC spent $42.8 million on capital developments in southern Alberta properties in 2024, including Suffield and Cor4 properties nearer to Brooks. About US$370 million was earmarked for work on Onion Lake and Black Rod heavy oil deposits in the oilsands region.

Total production for the global operator, which also has operations in France and Malaysia, was 47,000 barrels per day.

IPC recorded earnings before adjustments of US$335.5 million in 2024, and net income of US$102.2 million, down from US$350 million and US$172 million, respectively in 2023.

UFA expands

UFA will build a cardlock at the Global Transportation Hub near Regina, the co-operative announced Wednesday.

That will become the entity’s furthest east location on the Trans-Canada Highway, and eighth UFA cardlock in Saskatchewan, for the Alberta-based farm input retailer that announced expansion plans several years ago.

It opened locations in Kindersley and Melfort last month, joining locations in Swift Current, Moose Jaw, Macklin, Saskatoon, Yorkton and Weyburn.