Is a Royal Commission into power prices next on the agenda?

The federal government is under pressure to set up a commission of inquiry into power prices.

The Greens will introduce legislation for a commission of inquiry into excessive profiteering by power companies.

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The minor party’s energy spokesman Adam Bandt says re-regulating electricity prices and generating more power from renewable energy will tackle skyrocketing power bills.

“It’s time to get to the bottom of why power prices are going up, which is (because) we’re taking an essential service and treating it like a stock market,” Mr Bandt told Sky News on Monday.

Coalition MPs including former deputy prime minister Barnaby Joyce have urged Malcolm Turnbull to threaten power companies with a royal commission unless they cut prices.

“The more that one looks into it … the more you realise the problems go right to the heart of deregulation and privatisation,” Mr Bandt said.

But crossbench senators Pauline Hanson and Derryn Hinch don’t believe the issue warrants a royal commission.

One Nation leader Senator Hanson would prefer to see an inquiry into family law courts, while Senator Hinch believes the consumer watchdog is best-placed to deal with power prices.

“Royal commissions can cost hundreds of millions of dollars; we’ve had a lot of them. In this case, I don’t think it’s necessary,” Senator Hinch told the Seven Network.

Mr Bandt said the Greens would negotiate with Labor and coalition backbenchers to vote for a commission of inquiry in parliament.

“We’re wanting to see now whether all of these people who are making noises about electricity bills are willing to point the finger at the real culprit, which is the big power companies who have been gaming the system,” he said.