Peter Dutton reveals details on plan to slash energy prices

Australian households electricity bills will be reduced by 3 per cent, with retail gas bills dropping by 7 per cent under Peter Dutton’s pledge to boost the supply of gas into the market.

Peter Dutton has released details of his bold energy plan that would drive down gas bills for residential customers by an estimated 7 per cent.

The release of the highly-anticipated modelling from Frontier Economics comes after the Opposition Leader has faced near daily-grilling’s over the impact of the gas policy on household policy bills.

A gas user with an average quarterly bill of $200 would save $14 a quarter or $56 a year under the plan, while industrial customers will pay 15 per cent less on gas.

Residential electricity prices would drop by 3 per cent.

Peter Dutton at the Sky News / Daily Telegraph Peoples Forum. Picture: Jason Edwards / NewsWire .

The policy would require gas companies to divert more gas to the Australian market, rather than sell it overseas.

“We sit on some of the most abundant gas reserves in the world — it’s time we unlocked those resources to lower prices, protect jobs, and power Australia,” he said.

“Gas is critical to our nation’s energy future.

“By making the gas companies put more of our Aussie gas into our market instead of exporting it, we will get the price of gas down by 15 per cent.”

Other planks of the Coalition’s National Gas Plan also includes an East Coast Gas Reservation scheme to unlock new projects and fast track approvals to increase supply to Australia’s eastern states,

Mr Dutton has also promised to fast track a decision to the North West Shelf project within 30 days, after the deadline for a decision was repeatedly delayed by Environment Minister Tanya Plibersek.

As it stands, a decision is due by May 31.

Frontier Economics managing director said increased has would help create a “balanced mix of renewables and on-demand generation based on nuclear power”.

“If Australia wants a vibrant economy that can better manage international shocks, and jobs that can provide Australians with long term financial independence, it is crucial to urgently change direction on energy policy, including ensuring that Australian businesses and households have ready access to affordable gas at all times,” he said.

Electricity bills was a key point of debate during the election’s first leaders debate on Tuesday night, which crowned Mr Albanese after he secured 44 out of the 100 votes.

Mr Dutton claimed 35, with a remaining 21 voters undecided following the clash.

During the debate, Mr Dutton consistently referenced Labor’s failure to lower energy bills by $275.

A Coalition government would rely on increasing gas in the medium-term to bolster Australia’s energy grid before nuclear reactors come online from 2035-37.

Labor has pledged $2.3bn to lower the cost of household batteries by 30 per cent, a move which could save households about $4000 per battery.