Overview

• Far North Power, a joint venture between Hut 8 and Macquarie Equipment Finance, won five-year capacity agreements for four natural gas plants in Iroquois Falls, Kingston, Kapuskasing and North Bay.
• The contracts cover 310 MW of nameplate capacity beginning May 1, 2026, with first-year payments averaging CAD $530 per megawatt-business day and partial inflation indexation.
• An AA3-rated government-backed offtaker underpins the deals, enhancing revenue certainty and reducing earnings volatility for Hut 8.
• Ontario’s Independent Electricity System Operator forecasts up to a 5.8 GW capacity shortfall by 2030, highlighting the importance of dispatchable gas assets to regional grid reliability.
• Hut 8’s stock surged roughly 15 percent on July 2 as investors embraced the strengthened cash-flow outlook and power-first expansion strategy.