Province Announces Major Hydro Relief (AUDIO)

Premier Kathleen Wynne is announcing an average 17% reduction to electricity bills beginning in the summer.

The Liberal government is refinancing long-term power generation contracts to even longer terms at a cost of up to $1.4-billion in extra interest payments.

Wynne made the announcement this morning in Toronto.

"In dollars and cents, the exact benefit will vary by household, but if for example your monthly bill adds up to $135, this cut will drop that down to about $101," says Wynne.

The across-the-board relief is on top of the government's 8% rebate that took effect January 1.

Other measures were also rolled out including removing the delivery charge for on-reserve First Nations customers while some rural ratepayers will see their distrubtion costs reduced.