The Queensland premier will seek "adequate compensation" for any federal intervention in energy markets that hits the state's income.
Prime Minister Anthony Albanese will meet with state premiers at national cabinet on Wednesday, with a cap on wholesale coal and gas prices expected to be a priority agenda item in an attempt to lower power bills.
Premier Annastacia Palaszczuk will oppose any intervention that hits the profits of public-owned coal power plants, some of which are used to pay household electricity bill rebates, without offering "adequate compensation."
"We really need to drill down to make sure that, as I said, Queensland is not worse off," she told reporters on Monday.
"I think the prime minister wants to see a resolution that will have an impact on everybody, and as long as from where I'm standing, as long as Queensland is not worse off, I'm happy to go to that table at national cabinet with an open mind."
Ms Palaszczuk indicated that the Queensland government has sought legal advice on possible price caps and other interventions, and potential compensation.
"It would be remiss of us not to do that," she said.
When asked if state parliament could be recalled over interventions before the end of the year, the premier said: "I don't envisage at the moment, but let's see how the conversations go."
Ms Palaszczuk also said rising retail bills were being caused by gas supply shortages, and she called for NSW, Victoria and the federal government to jointly fund a new gas pipeline out of the Bowen Basin in central Queensland to shipping terminals.
The federal budget forecast gas prices would jump by 40 per cent during the next two years and retail electricity prices to surge 56 per cent.
