Prices watched after Hazelwood shutdown

Victorians shouldn't expect to see their power bills drastically rise after the closure of the coal-fired Hazelwood power station.

Premier Daniel Andrews says independent advice to his government suggests prices will rise four to eight per cent over the next few years, before dropping.

"If they do feel like they are being gouged or we are getting evidence at that wholesale level, we'll take whatever action we can," he told reporters on Thursday.

"Whoever is caught gouging, or using the closure of Hazelwood to make super profits, will be dealt with."

The Australian Energy Market Operator says there are enough resources in the national network to compensate for the loss of the coal-fired plant.

Hazelwood supplied about 25 per cent of Victoria's energy before it was gradually taken off line this week.

The power station will completely close on Friday after more than 50 years of operation.

The plant's French owner, Engie, estimates the mine rehabilitation process will cost about $439 million and at least four years.