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Price cap mooted to keep gas cheap

One senior minister is hopeful the commonwealth and states and territories can come up with a solution to quell swelling energy prices when they meet this week.

Bill Shorten told Sky News on Sunday that all options remain on the table with the stakes being too high to not reach a decision on how to act.

“This issue is too important not to leave the room without it,” he said.

“Let’s see what emerges from discussions on Wednesday.”

NSW treasurer Matt Kean said the state government would support price caps implemented by the commonwealth.

He said while he had spoken to the prime minister about implementing a coal price cap, no dollar figure had been mentioned.

The commonwealth and some state governments are in discussions over how a gas or coal price cap would be implemented.

The federal government has raised concerns about potential legal consequences if it were to cap prices instead of states, but speaking to Sky News Kean said the commonwealth had the power to do so.

Our legal advice says they do have the power to cap coal prices if they do go down that path, and we will support them.

This is a national problem that requires a national solution.

Kean said he shared concerns that acting too late would mean the measures wouldn’t bring down energy prices over the next 12 months.

“We need to move and we need to move very quickly,” he said.

The NSW treasurer said a gas price cap would need to be considered alongside coal.

He said a ceiling price for one would not be enough to bring down prices with black coal setting the wholesale electricity price in NSW and Queensland more than half the time.

While all options remain on the table, the federal government has been reluctant to spruik rebates, pointing to the inflationary pressure of handouts.

Kean said the flow-on effect of increased energy prices being the biggest driver of inflation also needed to be considered.

“If it’s temporary and targeted to people who can least afford it, then it won’t have the inflationary effect people are worried about,” he said of the rebates.

– AAP