The federal government will attempt to get its "big stick" legislation for energy companies over the line on the last parliamentary sitting day of the year.
The draft laws include penalties and the potential forced break-up of companies, which the government argues are needed to ensure power retailers and generators do not make decisions which deliberately jack up the price of electricity.
Centre Alliance MP Rebekha Sharkie has indicated her support for the bill, which could see the coalition get it over the line in the lower house.
As he introduced the bill to the lower house on Wednesday, Treasurer Josh Frydenberg said the powers would help increase competition and ensure cheaper power prices for consumers.
Business groups and energy companies have joined Labor to speak out against the proposal, saying it will stall investment and have the opposite affect the coalition wants: power prices will rise.
Opposition treasury spokesman Chris Bowen failed to postpone debating the bill until parliament's February return.
He accused the government of trying to "ram" the legislation through parliament without adequate time for consultation.
The "interventionist nonsense" would hurt investments and see power prices increase, he added.
Energy Minister Angus Taylor said the powers are necessary as 80 per cent of the market is dominated by three major players.
The coalition has signalled it will use the new powers to split up state-owned assets, such as in Queensland where the state government controls the electricity sector.
Mr Frydenberg said state-owned assets could be split to create more compeition in the market, but said privatisation was not plausible.
