Queensland Premier Steven Miles has pledged to create a publicly owned energy retailer if Labor is elected for a fourth term, aiming to provide lower electricity bills than the national average.

As part of this initiative, he will introduce an 'energy price guarantee' to ensure that Queensland households maintain the lowest electricity bills, which currently average $315 quarterly.

This pricing guarantee will be funded through increased coal royalty revenue during periods of high global energy prices, emphasizing a commitment to public needs over profits.

Crisafulli has labeled Labor's state-owned retailer policy as 'bizarre' and 'desperation politics,' while also proposing initiatives to support agricultural research and technology.

Miles announced these plans during a campaign stop at the state-owned Stanwell power station near Rockhampton, expressing confidence in delivering cheaper wholesale prices.

Currently, Queensland households enjoy lower electricity bills compared to states like Victoria, New South Wales, and Tasmania, with only Western Australia offering cheaper rates.

Miles criticized the current government for failing to provide affordable energy and highlighted maintenance issues at power plants as a significant concern.

The announcement of the new energy retailer comes just before Miles' first live debate with Crisafulli, where both leaders will discuss key issues affecting Queensland.

The proposed energy retailer is designed to enhance competition in the market and provide cheaper energy options, directly challenging Ergon Energy's current monopoly in northern Queensland.

Queensland's wholesale power prices are reportedly lower than those in other states, attributed to significant investments in renewable energy.

In contrast, opposition leader David Crisafulli supports interim cost-of-living measures, including rebates, and pledges better management of state power assets to lower ongoing costs.

This announcement marks a significant moment as Queensland enters its official election campaign period, which began on October 26.