Malcolm Turnbull faces off with gas companies to fix looming shortfall

Giant gas companies have one more chance to help ease the energy crisis before the government steps in and controls what they export.

Two new reports, from the regulator and the watchdog, have said gas shortages could be three times bigger than forecast just a few months ago.

Gas ultimately sets the electricity price across the country.

Prime Minister Malcolm Turnbull said he will intervene if the companies cannot guarantee more gas for the domestic market.

He has also demanded Victoria, New South Wales and the Northern Territory lift their bans on developing their onshore resources.

The reports delivered to the government today say power prices will go, and supply shortfalls could be sudden and dramatic unless steps are taken.

Under the process, the so-called trigger to control exports will need to be pulled by November 1 if exports are to be reined in from the start of the new year.

So, the gun is still being held to the companies' heads - they just have a little more time before the trigger is squeezed.

Treasurer Scott Morrison said hundreds of thousands, or possibly millions of jobs, are at stake as companies face spiralling power costs.

Labor says the government should act now to stop business and households being slugged with even higher bills.