Premier Doug Ford on the lawn of the Ontario legislature on Friday, June 8, 2018. (THE CANADIAN PRESS)

Ontario’s new Progressive Conservative government is canceling 758 renewable energy contracts, in what it says is an effort to reduce electricity bills in the province.

In a news release statement, the Minister of Energy, Northern Development and Mines Greg Rickford said “Ontario ratepayers will benefit from $790 million in savings,” a figure industry officials dispute, saying it will just mean job losses for small businesses.

The release mentions that all of the canceled projects have not yet reached project development milestones.

Adding that terminating the projects at this early stage will maximize benefits for ratepayers.

Rickford said the government plans to introduce legislation during its summer sitting that would protect hydro consumers from any costs incurred from the cancellation.

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