The Federal Treasurer has stepped in to urge the national competition regulator to monitor and scrutinise power prices as the energy crisis gripping Australian households deepens.
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Jim Chalmers expressed his "deep concern" to ACCC chair Gina Cass-Gottlieb in a letter published Monday over the skyrocketing cost of energy, outlining the crucial role the regulator will play in monitoring prices and market competitiveness.
The government's unusual intervention comes as a series of factors, including the war in Ukraine and unscheduled outages at coal-fired power stations, have placed further pressure on household budgets.
Energy Minister Chris Bowen last week said gas supply shortages had only accelerated the "gas bin fire" the previous Coalition government left behind.
Dr Chalmers said it was important the factors influencing the soaring prices were made "fully transparent" to consumers, and he expected the ACCC to fulfil that task.
"I have asked the ACCC to advise the government of any regulatory changes that may be required to ensure these markets are functioning properly," he said in a statement.
"I also expect that the ACCC will investigate any concerns about anti-competitive or false and misleading conduct in these markets and take appropriate action.
"The government is considering a number of actions in response to the energy crisis we've inherited, and this will help ensure any other steps are guided by evidence and expert advice."
Mr Bowen is expected to meet with his state and territory counterparts on Wednesday to discuss potential avenues forward.
The Energy Minister last week dismissed calls to use the former Coalition government's Australian Domestic Gas Security Mechanism - or "gas trigger" - adding it wouldn't come into effect until the start of 2023.
The mechanism, if used, would divert gas intended for overseas markets back to the country for domestic use.
Opposition Leader Peter Dutton declared on Monday morning nuclear power should be considered as part of the solution to adding cleaner energy supplies to the grid while maintaining cheaper power prices.
"I'm not afraid to have a discussion on nuclear if we want to have legitimate emission reductions," he told ABC radio.
"I don't think we should be afraid to talk about any technology that's going to have the ability to reduce emissions and electricity prices.
"That's something we can consider in time. I don't think we should rule things out simply because it's unfashionable to talk about them."
Ted O'Brien, the opposition's fresh pick as energy spokesman, has previously advocated for nuclear consideration.
