The Ontario provincial government says it’s cancelling 758 renewable energy contracts in an effort to reduce electricity bills in the province.
The move would save Ontario taxpayers $790 million in savings, according to the Minister of Energy, Northern Development and Mines Greg Rickford.
“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 Rickford in a statement.
“In the past few weeks, we have taken significant steps toward keeping that promise.”
While the announcement doesn’t indicate which specific projects are being terminated, all of the cancelled projects have yet to reach project development milestones.
Because of this, cancelling the projects at this early stage will maximize benefits for ratepayers.
Rickford also confirmed that Ford’s government intends to introduce a legislative amendment that, if passed, would protect hydro consumers from any costs incurred from the cancellation.
Even after all costs are accounted for, Rickford says, taxpayers can expect to benefit from $790 million in savings from this one decision.
“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. “Those days are over.”
This move follows the PC Party announcing it cancelled the White Pines Wind Project, that was weeks away from completion.
The White Pines Wind Project was to consist of nine wind turbines that would feed an estimated 52,295,800 kWh annually into the local electricity grid, equivalent to the average annual power use of 3,005 homes.