The federal government will not buckle to “tech giant-like” threats from gas companies reacting to intervention triggered by the industry’s own failure to heed warnings, Industry Minister Ed Husic has said.

Parliament will debate legislation on Thursday to cap uncontracted gas at $12 a gigajoule for a year, establish a mandatory code of conduct to force gas to be sold at “a reasonable price”, and commit $1.5 billion to power bill discounts.