Energy Market

Mr VAN HOLST PELLEKAAN (Stuart) (14:37): A supplementary: given that in the Premier's answer he referred to a chilling of investment, can he explain to the house why the ASX reported that base futures contract prices for electricity have significantly increased since he announced his energy security target and the other components of the $550 million plan two weeks ago?

The SPEAKER: Well, that gives the Premier a lot of scope. Premier.

The Hon. J.W. WEATHERILL (Cheltenham—Premier) (14:38): Yes, it certainly does. Today, we have seen the announcement of one of the most substantial investment decisions in the energy market we have seen in recent memory: the introduction of additional installed capacity through the unmothballing of the Pelican Point gas plant. This is an incredibly important moment when we have now increased the capacity of the South Australian energy market. It was directly related to our energy plan and its quality. Pelican Point had to consider—

Members interjecting:

The Hon. J.W. WEATHERILL: —and it must be galling for those opposite. The energy security target has been modelled, and it will benefit gas-fired power stations like Pelican Point.

Mr Marshall interjecting:

The SPEAKER: Leader!

The Hon. J.W. WEATHERILL: The energy security target, which will come into effect on 1 July, which is indeed the very day when Pelican Point will begin its full operations in relation to the market, is an important level of support for the decision that had to be taken by ENGIE to reopen the Pelican Point operation. Pelican Point and the ENGIE interests had to carefully consider—

Members interjecting:

The Hon. J.W. WEATHERILL: I am happy to provide a further briefing for the Leader of the Opposition on the energy plan so that he can understand the way in which—

Mr Marshall interjecting:

The Hon. J.W. WEATHERILL: —the energy security target advances—

Mr Marshall interjecting:

The SPEAKER: I am asking the leader to cease interjecting for the last time.

The Hon. J.W. WEATHERILL: Quite apart from the investment strike that has been occurring in this country in recent years, we are now seeing floods of investment opportunities present themselves to South Australia—batteries, other forms of generation—and there will be further announcements. People are lining up to invest in South Australia because of the certainty that has been created by our energy plan.

I know that those opposite have a rising anxiety because of the broad community support for this plan. We can sense it. We can sense it and I know they can sense it. That's why the anxiety levels are rising. On this side of the house, we have been able to take this plan and campaign on it in the community, and the more we explain it, the more people like it because it makes sense. The more the business community come to understand it, they are gaining a level of certainty and security about this plan.

We had the opportunity to meet with BHP yesterday, and on that occasion they welcomed the security and certainty associated with our energy plan. Businesses across South Australia are looking across the border and seeing the skyrocketing prices in relation to energy, and they are seeing the South Australian solution as a pattern and as a model for national action.