Labor will take Malcolm Turnbull's signature energy policy - or something similar - to the next federal election, as business and industry groups clamour for certainty.
As the coalition party room meets on Tuesday to formally kill off the National Energy Guarantee, the Labor opposition is lining up discussions with energy giants and big consumers.
It will then arrive at a final decision.
"We won't be rushed," a Labor spokesman told The Australian Financial Review on Tuesday.
New data shows power prices have spiked considerably since the NEG was scrapped.
The federal government claimed its energy plan would help drive household electricity prices down by at least $150 a year.
The policy had the support of all major industries including mining, manufacturing and agriculture.
However, former prime minister Malcolm Turnbull iced the plan after it proved unpalatable to some of his conservative colleagues.
He was deposed anyway, and Prime Minister Scott Morrison is preparing to bury the policy.
Labor has suggested the move will push power prices up by hundreds of dollars, based on the government's own modelling.
"So that's the price, really, for Australian households of Scott Morrison's weak, abject surrender to Tony Abbott, prices continuing to skyrocket," opposition energy spokesman Mark Butler said.
But Energy Minister Angus Taylor says dropping power prices is still the government's priority.
"We are not afraid to use a big stick on big energy companies if that's what's required. We're not afraid to do it," he told parliament on Monday.
Business groups want the NEG replaced with another bipartisan plan that grapples with the issue of emissions.
"Australia still needs a plan on emissions reduction in order to boost investment certainty and reduce energy costs," Australian Chamber of Commerce and Industry chief executive James Pearson said.
