Joanne Ryan (Lalor, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. How has the government expanded the Capacity Investment Scheme, and how has it been received?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Lalor for her question. Last week we announced the expansion of the Capacity Investment Scheme, something that was supported by those opposite. They don't seem to realise that. When they write the questions, they don't seem to realise that. In its simplest form, this scheme is designed to make sure that new energy projects are coming online before older energy projects leave. Those opposite presided over four gigawatts leaving the system and one gigawatt coming on. We on this side are making sure that we can deliver more reliable energy to all Australians. It's already working in New South Wales and being piloted in other states. The single joint tender announced last week, with the New South Wales government, will deliver more power into the New South Wales grid than the LNP managed to deliver over the past decade for the whole National Electricity Market. Just bear that in mind. We have delivered more with one pilot scheme in New South Wales. Under the last government, 24 of Australia's 28 coal plants announced their closure dates. But did they put in place anything to replace them? No, they didn't. That is why it was such a dangerous and irresponsible approach. That's why we've stepped in to clean up the mess. This will add around 32 gigawatts of new capacity across the country, equivalent to about half of the current east coast electricity grid. That's why it has been welcomed.

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! The member for Hume is warned now.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Innes Willox from the Ai Group has said:

… a very helpful step to addressing fears that inadequate supply would pose to price and reliability this decade.

Andrew Richards from the Energy Users Association has said:

We welcome the announcement from the Commonwealth as it should provide a level of certainty for investors and consumers in these highly volatile times.

Nick Carter, the CEO of BlackRock owned Akaysha Energy, has said:

It's a great policy that the government has put in place, so we'll definitely be looking at that, as they roll it out now across the next states.

Super fund CEO Debby Blakey has said:

Today's announcement by the Federal Government opens the doors to investors like HESTA to play a more significant role in Australia's energy transition.

This is about encouraging private sector investment to fill the void that will be created as closures occur, making sure that there aren't energy shortages around the country, making sure that the system is more reliable. On that note, I ask that further questions be placed on the Notice Paper.