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Crypto group loses appeal to suspend Rate 17

The group of cryptocurrency mining firms who have sued Grant PUD over a new, higher electricity rate have lost their appeal to have the new rate suspended until the overall lawsuit is resolved.

In a Nov. 5 ruling, the U.S. Court of Appeals, Ninth Circuit, denied the crypto group's appeal for an injunction that would have suspended the rate. The ruling said the cryptos didn't show the required likelihood of irreparable harm in the absence of the injunction.

The group sued Grant PUD in December 2018 to stop implementation of Rate Schedule 17, a higher electricity rate for "evolving industries." In their Dec. 19 suit, the group alleges violations to federal law, the Washington State constitution and Grant PUD's own policies.

A judge for the U.S. District Court in the Eastern District of Washington denied the injunction in March.

Rate 17 is being phased in through 2021. it applies to customers with higher regulatory, business and concentration risk for Grant PUD and its other customers. Originally nine crypto firms filed suit. Since then, two have withdrawn.

View the ruling here...

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