Hut 8 secures five-year capacity contracts with IESO

Hut 8 (HUT) announced that each of its four natural gas-fired power plants in Ontario has been awarded a five-year capacity contract with the Ontario Independent Electricity System Operator. The Portfolio is owned and operated by Far North Power Corp., an entity formed by Hut 8 and Macquarie Equipment Finance, a subsidiary of Macquarie Group Limited. The contracts were awarded to Far North following successful bids submitted into the competitive IESO Medium-Term 2 capacity auction and will commence on May 1, 2026. The contracted assets total 310 MW of nameplate capacity across four sites: Iroquois Falls, Kingston, Kapuskasing, and North Bay. The contracts include a weighted average capacity payment of approximately C$530 per MW-business day in Year 1 with partial inflation indexation that allows for potential increases over time.