ACT Greens' Shane Rattenbury warns federal Labor against future fossil fuels

The ACT Greens leader, who sits within the territory's Barr Labor government, is expected to warn federal Labor against "selling out" future generations to the consequences of climate change in a speech later this week in the Legislative Assembly.

Mr Rattenbury's comments come as federal Energy Minister Chris Bowen prepares to convene a crisis meeting with his state and territory counterparts on Wednesday.

Resources Minister Madeleine King flagged on Tuesday she was looking to offline coal-fired power stations coming back online in order to deliver more energy to the grid and relieve household budgets as power prices skyrocket on the east coast.

A series of factors, including the war in Ukraine, the arrival of winter and unscheduled outages at coal-fired power stations, have contributed to supply shortages and resulted in soaring costs.

The country's energy ministers will be briefed by the Australian Energy Market Operator and Australian Energy Regulator as they discuss solutions to the energy supply crisis.

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But Mr Rattenbury said booting up fossil fuel sources wasn't the solution, adding Labor was shutting its eyes to the inconvenient truth that coal and gas are incompatible with reducing emissions and hitting global climate targets.

"We must stop building the new coal and gas mines that will continue to fuel climate change. This is arguably the number one action we need to take for a safe climate for future generations - as a first step, stop doing any further harm," he will tell the Legislative Assembly.

"Rather than being honest to coal and gas mining communities and pledging to support them through a transition, Labor is promising to open new mines and gas fields.

"It is selling out future generations in the worst way, and leaving them a terrible climate legacy."

Mr Rattenbury said a national commitment to build no new coal and gas mines should be the first priority to ensure a safe climate for future generations.

Electricity bills, in the coming financial year, will fall slightly in the ACT, the only jurisdiction where prices are set to decline. Long-term renewable electricity contracts have protected the territory from rapidly escalating wholesale prices.

The territory's Independent Competition and Regulatory Commission on Monday made the determination to decrease standing offers by at least 1.25 per cent, which could save the average household about $23 a year.

The cost for electricity for an average household in NSW will be more than $800 higher than the ACT.

Treasurer Jim Chalmers said "all options are on the table" on Tuesday as the central bank announced the cash rate had risen 50 basis points, marking its second increase in two months.

But he ruled out slapping additional taxes on domestic energy companies making record margins following an overseas export boom.

"If there are steps that need to be taken on the regulatory side to make sure we're doing what we can to take some of the sting out of these high energy prices, then we will take those steps," Dr Chalmers said.

"But some of those proposals that we've seen in the UK, and elsewhere, are not part of something that we're progressing."

Mr Bowen has also resisted pressure to hit the former Coalition government's "gas trigger", which would divert gas intended for overseas exports back for domestic use.

The mechanism, if triggered, wouldn't come into effect until January next year, he said.

Ms King said gas was part of Australia's energy future just days before the election, and last week reportedly threw her support behind the controversial Scarborough gas project in Western Australia.

The ACT has committed to getting off gas by 2045, and Mr Rattenbury said he would explore opportunities for the territory to work with the Commonwealth on the "nation-leading gas transition".

"In the ACT we've committed to phasing out fossil fuel gas by 2045, a policy that is a critical response to climate change, but which will also extend so many benefits to our population, from health benefits to reduced costs," he said.