Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

It is based on the forward prices for electricity. Because there has been so much uncertainty surrounding the investment climate, because the only new energy that has been coming into the market has been intermittent renewables—wind and solar—forward prices have been higher. What John Pierce has said is that once COAG commits to this, once the mechanism is agreed to, you will see more investment, greater certainty, and forward prices coming down. That's why he is forecasting a 20 to 25 per cent reduction in wholesale prices over the period. We have the smartest minds in the industry, the regulators and the operators, who are telling us—we are not making that claim, we are relying on the smartest minds— (Time expired)

Honourable members interjecting—

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