Josh Frydenberg (Kooyong, Liberal Party, Minister for the Environment and Energy) Share this | Hansard source

I thank the member for Port Adelaide for his question. He knows that Dr Finkel and his expert panel have produced a comprehensive report. In that report their preferences is for the clean energy target over the Labor Party's emissions intensity scheme. The reason for that is that it will lower prices more than an EIS would. He also makes it very clear that when it comes to coal, under the clean energy target it will stay in the system longer, and that by creating a level of regulatory certainty you are more likely, as an existing coal operator, to be able to go to your financiers and get the money to do an upgrade or the maintenance that is required.

The Chief Scientist was asked whether a new coal-fired power station could be built, and he said, 'Absolutely; it is conceivable that it could be built.' And that is the key point: the market will determine these matters. But the Labor Party is in denial about the importance of coal as a form of base load power. It might be surprising to them to know that in South Australia, when the Northern Power Station closed and they lost all the coal-fired power in South Australia, prices went up and the system became less stable, because the Premier of South Australia, Jay Weatherill, was conducting a big experiment. Adelaide Brighton, in the member for Port Adelaide's own electorate, an employer of 450, lost its power for 36 hours. So, what does the member for Port Adelaide say to the 450 workers in his own electorate? He does not want to answer that question. He does not want to take responsibility for his left-wing caucus mate, the Premier of South Australia.

The reality is that under the Prime Minister's leadership we have put storage front and centre of the government's agenda: our announcement around Snowy Hydro 2.0; the work the Australian National University is doing to map out other pumped hydro facilities throughout the country; what we did in Tasmania and the work we are doing there to investigate, again, hydro facilities and expansion in Tasmania, which will be of great help in providing a battery to the mainland; the work we are doing with ARENA in Cultana in South Australia, in the Upper Spencer Gulf; and the work we are doing to create a virtual power plant throughout South Australia—1,000 homes and businesses connected in order to provide battery storage.

That is what the coalition is doing. Our primary objective is the stability of the system so that we do not see a repeat of the madness that occurred under the Labor Party. And our other key objective is affordability, because we on this side of the House care about jobs and investment, unlike the reckless Labor Party.

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