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March 22 (Bloomberg) -- The government of Ontario said today that it will reduce premium rates for solar and wind power in a two-year review of a program with 4.6 gigawatts of contracts.

Canada’s most populous province will cut rates for feed-in tariffs, or FITs, for solar power by 20 percent and 15 percent for wind and annually review prices each November for the following year, it said in statement. Prices for hydropower, biogas, biomass and landfill gas will remain unchanged.

The review will improve the viability of the program, Ontario said. The province says it’s on track to attract $27 billion in private investment and reach 10.7 gigawatts of non-hydro renewable energy capacity by 2015. Ontario will also streamline regulatory approvals for new projects, including projects now moving through the environmental approval process.

To contact the reporter on this story: Ehren Goossens in New York at

To contact the editor responsible for this story: Reed Landberg at

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