Ontario renews FIT program
The Ontario Ministry of Energy has released a two-year review report of its Feed-in Tariff (FIT) Program and announced it will renew the program through the end of 2013.
Ontario’s FIT was launched in 2009 to create new clean energy industries and jobs, boost economic activity and the development of renewable energy technology, and improve air quality by phasing out coal-fired generation by 2014. So far, the province has shut down 10 of 19 coal units and reduced the use of coal by nearly 90 percent since 2003.
According to the report, the program has been very successful, with more than 2,500 medium and large FIT approved projects that will produce enough electricity to power 1.2 million Ontario homes. The FIT has also attracted more than $27 billion in private sector investment, brought more than 30 clean energy companies to the province, and created more than 20,000 jobs, on track to create 50,000 jobs.
While the prices for wind and solar projects will be reduced—by more than 20 percent for solar and wind projects by about 15 percent—the prices for hydro , biogas, biomass and landfill gas will be maintained at the current levels. All prices will be adjusted annually, however, in order to reflect current costs.
At the end of 2013, the government will review Ontario’s electricity supply and demand forecast to explore whether a higher renewables capacity target is warranted.
To read the full FIT review report, click here.