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Posted: 2022-12-14 03:29:16

An extraordinary plan to cap coal and gas prices in an attempt to rein in power bills next year has enough support to pass federal parliament, with the Greens committing to backing the proposal.

In return, the government has agreed to funding to help households and businesses electrify space and water heaters and cooking appliances to move away from gas and reduce their power consumption longer term.

Federal parliament will be reconvened tomorrow to consider legislation that would allow a temporary price cap and billions in energy bill relief, as the government scrambles to contain a massive expected hike in power bills over the next two years.

Treasury modelling suggests the caps will knock an average of $230 off otherwise expected price rises on energy bills for the average household next year, though bills are still expected to increase by hundreds of dollars.

The caps will be accompanied by $3 billion in energy-bill relief to be jointly paid by the Commonwealth and states and territories to people on income support to help cover those forecast cost increases.

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