Premier Dominic Perrottet said the parliament would be recalled on Wednesday to consider amending an existing bill, allowing the government to force coal and gas companies to cap their prices.
The federal government passed its national energy plan last week, introducing a cap on gas prices at $12 a gigajoule, a mandatory code of conduct for the gas market and the roll out power bill support for welfare recipients last week.
The NSW legislation will empower the NSW government to place a cap on the coal price at $125 a tonne, Mr Perrottet said Monday.
The premier, who is on leave, will return on Wednesday to support the legislation.
"The cap on coal and gas prices will help drive down the cost of energy for households and businesses in NSW, with Commonwealth modelling showing that the caps will provide an estimated average saving of $230 per household," he said.
It comes after the opposition called on the government to recall the NSW parliament over the weekend and implement the cost-saving measures without delay.
"I urge the Premier to take action now so that residents of NSW have certainty that cost of living support is on the way," Labor Leader Chris Minns said.
"We have had support from independents and cross benchers for the recall of the NSW parliament, but nothing from the premier or the government."
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