Toronto, Ontario [RenewableEnergyAccess.com] Peat Resources Limited was formed to explore, develop and produce high-quality peat fuel on a profitable and sustainable basis for customers requiring an economically and environmentally attractive energy supply. Recent government announcements in Canada and related activity have enhanced the market potential and economic value of peat fuel.The Ontario government announced last week a new Standard Offer Program for electricity generation that would allow the Ontario Power Authority to purchase electricity produced by wind, small hydro and biomass at a base price of 11 cents per kilowatt hour (kWh); fixed price for solar will be 42 cents per kWh. In addition, the Ontario Budget included the allocation of funds for a Bio-Energy Research Center in Atikokan, northwestern Ontario. Peat Resources Limited holds rights to peat resources in northwestern Ontario and western Newfoundland. In Ontario, activity is focused on technology development and compliance with government regulatory requirements. For example, work is underway on design of energy efficient and cost effective wet-peat extraction systems. The company has also signed a voluntary agreement with the Ontario Minister of the Environment to carry out an environmental assessment of the northwestern Ontario development. The additional financing currently being sought will enable Peat Resources Limited to complete the environmental assessment, engineering process design and feasibility report for this project.