Federal Parliament will wave through Labor’s energy plan, with support from the Greens and Independents.

Labor has negotiated a deal with the Greens which will offer financial incentives for households and small business to move off gas, and onto electricity.

The plan is uncosted at this stage, and the broader details of how it would work will be outlined in the May budget.

In exchange, the Greens and two Independents will today provide the government the support it needs to cap the price of gas for a year, and subside power bills.

The gas industry says this level of market intervention could destroy investment and jobs over the longer term.

The Opposition backs the discount on electricity bills, but not the price caps.