07:14 AM EDT, 07/02/2025 (MT Newswires) -- Hut 8 ( HUT ) , an energy infrastructure platform, on Wednesday said its four natural gas-fired power plants in Ontario have been awarded a five-year capacity contract with the Ontario Independent Electricity System Operator.

The portfolio of power plants is owned and operated by Far North Power, an entity formed by Hut 8 ( HUT ) and Macquarie Group subsidiary Macquarie Equipment Finance.

Hut 8 ( HUT ) obtained the contracts after submitting successful bids into the IESO Medium-Term 2 capacity auction. The contracts will commence on May 1, 2026.

The contracted assets amount to 310 MW of nameplate capacity across four sites: Iroquois Falls, Kingston, Kapuskasing, and North Bay. The contracts include a weighted average capacity payment of $530 per MW-business day in the first year, with partial inflation indexation that allows for potential increases over time.

Hut 8's ( HUT ) share price at last look jumped 4.1% to US$19.24 in U.S. pre-market trading on Wednesday.