Victoria's revived State Electricity Commission could be given a leg up on private sector investors under a deal to enshrine it in the constitution.
Legislation to constitutionally entrench Labor's signature election policy passed the lower house in March, but was put on ice as the government struggled to secure enough upper house support.
Any change to Victoria's Constitution Act requires a special majority, with 60 per cent of MPs needing to vote in favour of the legislation in both houses.
The Greens say they have brokered key changes to win their support, including for the government to make a public commitment that the SEC won't be subject to the state's financial accommodation levy.
The levy is designed to remove the competitive advantage public-owned entities may experience in borrowing, and was expected to raise $723 million over the forward estimates.
Victorian Greens MP Tim Read said the changes would allow the government to deliver on public ownership driving renewable investment and lowering power prices.
"Our changes will mean that instead of the SEC being all about slick Labor politics and a logo on the premier's jacket during an election campaign, it will have a little more to spend on reducing power prices and our climate," Dr Read said.
Without opposition support, the government needs at least nine of 12 crossbench members to vote for the bill for it to pass the upper house.
In November, Shooters, Fishers and Farmers Party MP Jeff Bourman, One Nation MP Rikkie-Lee Tyrrell, Libertarian MP David Limbrick and former Liberal-turned-independent Moira Deeming all indicated they did not support the proposal.
Animal Justice Party MP Georgie Purcell told AAP she was leaning towards supporting the bill after saying she would no longer help the government following it rejecting a recommended ban on duck shooting.
Opposition Leader John Pesutto, who hinted he would unwind the SEC if the coalition wins government in 2026, argued the changes would jack up power prices.
"If the private sector ... are crowded out then what that means is there will be less supply," he told reporters.
"As a result of less supply, power prices and costs for generating and distributing energy will simply go up and Victorians will pay a higher price for that."
Victoria's state-owned electricity assets were privatised in the 1990s.
In a major election promise in 2023, Labor said it would bring back the SEC if it secured a third term.
A Victorian government spokeswoman said it was moving to enshrine it in the constitution to ensure the Liberals could not again take power out of the hands of Victorians.
"Like any bill considered by parliament it is subject to negotiation and debate and we are considering those amendments in good faith," she said.
The bill is listed for debate in the upper house when parliament returns at the end of April.
