TORONTO -- Ontario's energy ministry is cancelling plans to sign contracts for up to 1,000 megawatts of power from solar, wind and other renewable energy sources to help keep rates down for consumers.

Energy Minister Glenn Thibeault says the decision is expected to save the province up to $3.8 billion in costs from its 2013 long-term plan, and will keep about $2.45 a month from being added to hydro bills.

Thibeault says the Independent Electricity System Operator's planning outlook determined Ontario has a robust supply of electricity for the next decade and won't need the additional power it had planned to purchase.

He's also looking for ways to reduce costs in the province's next long-term energy plan, which is scheduled to be released in 2017.

Thibeault says the government's investments in the electricity system over the past decade mean Ontario has "a strong supply of clean power."