The new Ontario government has announced that ratepayers in the province will benefit from $790 million in savings thanks to its decision to cancel and wind down 758 renewable energy contracts.
“We clearly promised we would cancel these unnecessary and wasteful energy projects as part of our plan to cut hydro rates by 12% for families, farmers and small businesses,” said Greg Rickford, Minister of Energy, Northern Development and Mines in the announcement.
In a media release, it’s noted that all of the cancelled projects have not reached project development milestones.
Rickford also confirmed that the government intends to introduce a legislative amendment that, if passed, will protect hydro consumers from any costs incurred from the cancellation.
“For 15 years, Ontario families and businesses have been forced to pay inflated hydro prices, so the government could spend on unnecessary and expensive energy schemes,” said Rickford in the release, adding, “Those days are over.”