Cheaper power prices may be months away with the Prime Minister making a desperate push to strike a deal with New South Wales and Queensland to get coal price caps over the line.
Anthony Albanese plans to put his power price relief plan to states and territories at this week's National Cabinet meeting but he needs the co-operation of premiers and chief ministers.
But NSW Premier Dominic Perrottet and Queensland Premier Annastacia Palaszczuk are set to reject the federal government's coal price cap proposal unless generators and producers are adequately compensated, News Corp reports.
These generators are state owned and provide the backbone of the national electricity market, especially in times of high demand.
Any compensation payments would likely be worth billions of dollars.
Power bills have gone up 20 per cent on average in 2022 and they're predicted to rise another 30 per cent next year.
That would add around $1300 over two years to an average home's electricity and gas bills.
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Meanwhile, Albanese is expected to push ahead with a new code of conduct for gas producers aimed at regulating the profits of domestic gas sales.
But even if both coal and gas price caps are introduced, experts are warning it could be months before they flow through to household power bills.
The premiers and prime minister are aiming to finalise talks at National Cabinet on Wednesday.