The provincial Liberals have cancelled plans to sign contracts for up to 1,000 megawatts of green energy in a bid to keep residential rates from inching even higher.
On Tuesday, Energy Minister Glenn Thibeault announced the province has a good supply of electricity for the next 10 years and doesn’t need to contract for more green energy.
“Given this strong energy position it only makes sense that as a government and as the new Minister of Energy, we take a careful look at our procurements and make common-sense adjustments,” says Thibeault.
“Today’s decision is expected to save up to $3.8-billion in electricity system costs, saving the typical residential electricity consumer an average of approximately $2.45 per month on their electricity bill.”
Thibeault says he’s also looking at ways to reduce costs in Ontario’s next long-term energy plan which is expected to be released next year.
Tuesday’s announcement follows increasing frustration over rising hydro costs in the province.
A new survey found that 52% of Ontarians say recently announced rebates that will see the provincial portion of the HST removed from hydro bills don’t go far enough.