It comes after Treasurer and Energy Minister Matt Kean raised the prospect of intervening to delay the planned closure of Eraring, Australia's largest coal power station.
We're not ruling things in or out," he told the Australian on Monday.
"The government's already demonstrated that it will do what is necessary to protect families and businesses at this time."
The Lake Macquarie plant, owned by Origin Energy, previously announced it would wind up its operations by 2025.
The announcement came after the NSW government considered buying back the power station in 2021, in a deal that ultimately fell apart.
Mr Kean now says the government is considering intervening to extend the life of Eraring, after a recent market update from the Australian Energy Market Operator showed NSW faced projected energy shortfalls over the next decade.
Labor Leader Chris Minns seized on the treasurer's comments, saying power bills had steadily increased after the government sold the station in 2013.
"We can't be in a situation where industry and households have to pay even more exorbitant prices as a result of privatisation," he told 2GB on Monday.
"This power station was sold for $50 million. Matt Kean tried to buy it back for $240 million.
"When you sell off critical infrastructure that the state needs, it undermines industry, the economy and the budget position in the long run," he said.
Mr Minns also called on Premier Dominic Perrottet not to preference a controversial former Liberal MP, as the deadline for candidate nominations approaches.
The Liberal Party is yet to nominate a candidate for Kiama, where local MP Gareth Ward is contesting the seat as an independent.
"Under no circumstances would we do a deal with Gareth Ward in the NSW parliament. Even in the event of a hung parliament," Mr Minns said.
Mr Ward was removed from the Liberal Party and suspended from the parliament after being charged with sexual and indecent assault. He denies any wrongdoing and the case remains before the courts.
"How can you be in a situation where six months ago you say this, 'This bloke can't set foot in the NSW parliament'," Mr Minns said.
"Then six months later, you're on the eve of an election, it's a tight contest, 'Oh. we'll offer him our preferences to get him over the line.' It's outrageous."
On Sunday, both parties made a series of announcements as Prime Minister Anthony Albanese headlined the NSW Labor Party official campaign launch.
The prime minister took direct aim at the coalition government, saying it's time for a change.
"A government falling apart before our eyes, cracking like an imported light rail carriage, breaking down like an outsourced ferry," he said.
Mr Minns said Labor would invest in more staff for essential services by offering thousands of university scholarships to health students.
Under the $76 million initiative, students undertaking a healthcare degree will be eligible for a subsidy on their study expenses, if they commit to working a minimum of five years in the public system.
The premier announced $1.2 billion to build and upgrade 20 hospitals and health facilities.
Some $260 million would go towards the second redevelopment phase of Concord Hospital.
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