NSW Premier Mike Baird admits he has "no plan B" if he fails to push his electricity privatisation plan through Parliament, an admission Labor has leaped on to question how the government will fund its lavish election promises.

Mr Baird and Labor leader Luke Foley went head-to-head on Friday for the first time in a debate hosted by the NSW Business Chamber. A month out from the state election, both leaders appeared confident as they laid out two clear, competing visions.

The Liberal/Nationals' lead over Labor has narrowed in recent months and the two sides have ramped up their campaigns over the past fortnight in a flurry of announcements and election promises.

The government wants to partially lease the state's electricity "poles and wires" to fund $20 billion worth of new roads and other infrastructure, such as a second Sydney harbour rail crossing.

Labor has vowed to keep the assets in public hands.

Asked how the government would pay for infrastructure if the reforms do not pass the upper house, Mr Baird said "there is no plan B".

"We are seeking a mandate ... about how we deliver the infrastructure that this state desperately needs," he said.

Mr Foley quickly seized on the comments, saying if the government cannot sell the NSW electricity network, Mr Baird "can't deliver any of his promises".

"Let's be clear about that. No one can have any confidence in the extravagant promises that [Mr Baird] is claiming to deliver," Mr Foley said.

There are doubts that the government would gain outright control of the upper house should it be returned to power, leaving it reliant on crossbench support to pass the power reforms.

The Shooters and Fishers Party has declared it would never support the transaction. Christian Democratic Party leader Fred Nile said this week his support was contingent on a government guarantee that no power worker would be worse off, and that the government justify its policy at a full public inquiry.

Labor has also pointed to the government's failure to sell the coal-fired Vales Point power station last December, saying no buyer could be found. The government argues the power station was a less attractive asset than the poles and wires.

The government's ports privatisation has also been broadly hailed as successful, including by Mr Foley.

Mr Baird was asked to promise voters that in future, a government he leads would not seek full privatisation of the poles and wires.

"I am seeking 51 per cent ownership by us," Mr Baird said, adding he could not comment on what future governments might do.

Mr Baird on Friday slammed as "absolutely dishonest" claims by Labor and the unions that electricity prices and hospital costs would soar under his plans.

He said there was "absolutely no substance" to a high-profile, union-funded advertising campaign that is attempting to stoke public fears over the government's proposal.

Mr Foley said the Opposition's more modest $10 billion infrastructure plan was fully funded and the party was committed to spending more on teachers, nurses and police.

NSW Labor intends to partly fund its infrastructure promises by delaying the abolition of a range of business taxes – a move opposed by the business community.