The Queensland government is claiming an immediate win after a recent drop in wholesale power prices that followed the launch of a rejigged energy plan for the state.
The government last Monday unveiled its Powering Queensland Plan, combining a billion dollars' worth of existing policy with a range of measures designed to apply downward pressure to power prices.
The strategy involves dusting off the Swanbank station in order to boost southeast Queensland's energy grid.
Treasurer Curtis Pitt said he had also directed owner Stanwell to change how it bids for power, in an effort to keep prices low.
Hours before unveiling the state budget, Premier Annastacia Palaszczuk told parliament on Tuesday forward wholesale power prices fell by 10 per cent in Queensland in the 24 hours following the announcement.
Both bringing back the Swanbank station and making a formal direction to state-owned energy company Stanwell had the effect of reducing forward contract prices, a government spokesperson said.
The Powering Queensland Plan takes in $770 million to cover the cost of the Solar Bonus Scheme and the $386 million Powering North Queensland Plan, which includes a proposal to convert the Burdekin Dam into a hydro-electric power plant.
