Queenslanders have avoided blackouts after the market operator seized control of the state's generators.
The Australian Energy Market Operator on Wednesday took control of the electricity wholesale market in Queensland, NSW, South Australia, Tasmania and Victoria until further notice.
State Energy Minister Mick de Brenni says the intervention will ensure power supplies in Queensland.
"Importantly, this means your power will stay on," he said.
"This decision further reduces the risk of supply shortfalls and unplanned outages."
Queenslanders faced a third day of potential power outages as generators refusing to ramp up electricity supplies were accused of "putting lives and businesses at risk".
The AEMO had predicted another night of critical electricity shortfalls, before stepping in and suspending the spot market in all regions on Wednesday.
The operator said it had become impossible to guarantee electricity for consumers.
"In the current situation, suspending the market is the best way to ensure a reliable supply of electricity for Australian homes and businesses," its CEO Daniel Westerman said.
The market suspension is temporary and will be reviewed daily.
Mr de Brenni continued to downplay concerns, saying AEMO will guarantee power supplies for households and businesses.
"There is no risk of widespread outages of power," the minister said.
"There is surplus supply to meet demands in our state and a further generating unit is scheduled to return to service later this week."
Queenslanders have faced supply crunches for the last two nights, despite having more than enough power plants to meet the state's energy needs.
It has also funnelled increased gas flows to southern states during the energy standoff, including 400 terajoules in the last two days alone.
The crisis was triggered after wholesale electricity prices surged to $15,100 per megawatt hour on Sunday, and remained at that level for more than seven hours.
AEMO responded by capping prices at $300/MWh, leading generators to stop offering to supply Queensland's grid.
"These electricity shortfalls primarily relate to generators revising their market availability in response to administered wholesale electricity price caps," the operator said on Wednesday.
The state has been relying on private generators, with a number of government-owned plants offline for maintenance.
Most private power plants are gas-fired and their owners have been raising prices, saying generation costs have risen because international gas prices are surging.
Electrical Trades Union state secretary Peter Ong says generators are price-gouging, and their actions since the introduction of the cap show they are putting profits over public welfare.
"Private-owned electricity generators actively withheld supply, putting lives and businesses at risk." Mr Ong said.
Mr de Brenni has previously denied that state-owned generators Stanwell Corporation and CS Energy have been price-gouging, saying their wholesale prices only "cover costs".
The two generators own coalmines, so their fuel prices are much cheaper than private generators.
The government has the power to order Stanwell and CS to sell cheaper electricity to the grid, but Mr de Brenni has so far resisted that move.
Instead of intervening, the government will wipe $43 off monthly household electricity bills until mid-2023.
Monthly bills will jump by at least that amount from July, but analysts predict they will leap again before the middle of next year if wholesale prices remain high.
Meanwhile, Mr de Brenni also ruled out any changes to solar feed-in tariffs in Queensland.
The minister denied recent media reports that people with solar panels on their rooves will be charged more for selling power to the grid.
