Ontario put on hold awarding contracts for more than 1,000 megawatts of solar and wind renewable energy, saying there already is enough capacity to meet its electricity needs for the next 10 years.

Suspending the second round of its Large Renewable Procurement program and the Energy-From-Waste Standard Offer program will save the province as much as C$3.8 billion ($2.9 billion), which means lower electricity costs for businesses and consumers, the Ministry of Energy said Sept. 27.

“Our decision to suspend...