Atlantic Power says no ongoing talks with cryptocurrency miners

Atlantic Power (AT +6.5%) slips from highs of the day but maintains strong gains after saying no discussions are ongoing with cryptocurrency miners or related businesses or with shareholder Mangrove Partners related to the sector.

AT says it "would take a cautious view of counterparty credit risk for any such businesses."

In a telephone meeting this week with AT management, Mangrove discussed alternative uses for the company’s generation assets that are not operational or will expire as well as potential investments in such projects.

Miners of bitcoin and other cryptocurrencies could require up to 140 terawatt-hours of electricity in 2018, Morgan Stanley analysts wrote in a recent note.