Queensland's energy supply crisis has triggered calls for an inquiry into the state's surging electricity prices.
Wholesale prices leapt to a record $283 per megawatt hour last month and are the highest in the nation.
Spot prices have also surged to $15,100MWh eight times in Queensland in the last 12 months.
Generators were again selling electricity at that price on Sunday when the market operator capped prices at $300MWh, triggering the current supply crisis.
Energy Minister Mick de Brenni says high international fossil fuel prices, winter demand, and outages at public power plants have been driving up wholesale prices.
But the Australian Energy Regulator has indicated a fourth factor may be at play.
AER chair Clare Savage this week warned generators against price gouging in wholesale markets.
"Market participants must not make a dispatch offer, dispatch bid or rebid that is false or misleading," she wrote in a letter to generators on Tuesday.
"An offer/bid or rebid is taken to be false or misleading if the party ... does not have a reasonable basis for making the offer."
Mr de Brenni denies government-owned generators Stanwell Corporation, CS Energy and CleanCo have been price-gouging, saying they only offer price to "cover costs".
However, AER reports show Stanwell, CS and CleanCo have all offered electricity to the grid for $15,100MWh during the last 12 months.
Professor Bruce Mountain, a Victoria University expert, says there should be an inquiry into Queensland's wholesale prices.
He said the state parliament or the Crime and Corruption Commission need to look into the market.
"We need a frank and fearless, open inquiry into what's going on," he told AAP on Wednesday.
"Things have gotten to the point where the breakdown is so complete, and so severe, that the generators' confidentiality concerns need to be weighed against the public interest."
Liberal National Party energy spokesman Pat Weir accused the government of milking the generators for profits.
"The government should be transparent about how they are using generators and how they will deliver affordable, clean and reliable electricity," he told AAP.
The Katter's Australian Party and the Greens backed a probe into wholesale price gouging.
Both crossbench parties believe the government's lack of planning is also to blame for surging prices.
Greens MP Michael Berkman said more energy storage is needed, while KAP leader Robbie Katter said the state needs a gas reserve.
Mr de Brenni believes the market operator and the regulator will keep wholesale prices under control.
Prof Mountain said governments should want to know how their policies are affecting prices.
"How have we ended up in the situation? How have the generators behaved? What are the costs? What is their exposure to coal and gas, spot markets and so on?" he told AAP.
"And that's entirely in the minister's remit, as well as the CCC and other entities."
