The New York State Public Service Commission (PSC) has approved new rules that will allow high-density load customers, such as cryptocurrency companies, to qualify for service under an individual service agreement.

Aimed at protecting existing customers, the PSC has approved new electricity rates for Massena Electric Department.

Under the new rules, cryptocurrency customers and other high-density-load customers will be eligible for service under an individual service agreement if their maximum demand exceeds 300 kW, and the customer provide benefits to the utility.

Commission Chair John B. Rhodes said that the new rates aim to “balance the needs of existing customers with the need to attract new companies.” He said, “Given the abundance of low-cost electricity in Upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region.”

According to the official announcement:

“As a result, the potential exists for Massena to receive significant revenues if new cryptocurrency companies set up shop in the community. If that were to occur, the utility would be required to defer the revenues for the benefit of ratepayers.”

Earlier in March, the commission had allowed upstate municipal power authorities to charge higher electricity rates to cryptocurrency companies.

The announcements follow a petition filed by the New York Municipal Power Agency (NYMPA) regarding concerns that high-density load customers, such as cryptocurrency companies, were having a negative impact on local power supplies.