Canberrans with one provider, who are facing an increase for domestic users of seven per cent and for small business customers of nine per cent come February 1, are actually doing well compared to some.

While Dr Chalmers had previously warned prices would rise by 20 per cent this year and next, they are already up by 30 per cent in Queensland and 22 per cent in New South Wales over the past year.

Victorian consumers have been told by EnergyAustralia they will be paying, on average, an extra 26.7 per cent from next month. Origin and AGL are tipped to follow suit.

This is a massive hit for households and businesses dependent on gas for hot water, cooking, heating and industrial applications. It comes at a time when electricity prices are on the march and eight consecutive months of interest rate rises are starting to bite.

The trouble is that when the gas industry and the Opposition cite the latest increases as proof the price cap they so strongly opposed is a failure they are gilding the lily.

Mr Albanese and Dr Chalmers never said the cap would bring prices down. The intent of the legislation was always to lower the level at which prices would peak.

The cap of $12 a kilojoule for gas and of $125 a tonne for thermal coal was never going to have an immediate effect because gas supply contracts, especially those for business and industry, are mostly negotiated in advance.

Price increases well in excess of what was set by the cap had already been locked in when the legislation was passed. It is unlikely, and this was made very clear at the time, the caps will have a noticeable effect until the second half of 2023.

The intent of the legislation, which has strong popular support based on the belief gas companies should not be making super profits during a national energy emergency at the expense of ordinary Australians, was always to establish a ceiling after energy bills had already soared between 20 and 30 per cent in 2022.

It is far too early to tell whether or not the cap will have the desired effect. This really is a case of "wait and see".

What consumers should be focusing on are the other elements of the legislation and the broader measures that make up the Albanese government's climate and energy agenda.

These include $1.5 billion - to be matched by the states and territories - to provide bill relief for vulnerable customers. While the details of that package have yet to be finalised it is going to be in the form of "targeted relief" as opposed to cash handouts across the board. This is being done to ensure the assistance does not have an inflationary impact.

Money will also be allocated to subsidise households wanting to switch from gas to electrical appliances and to fast-track renewables through the $20 billion Rewiring the Nation scheme.

While none of these decisions are game changers in themselves they are a measured response to an emergency for which there is no silver bullet.

The Opposition's claim, that this is purely a supply problem that could be resolved by opening up new gasfields, defies logic given the high costs and long timelines involved.

Future price rises need to be kept in check and safety nets put in place to protect vulnerable households. This too shall also pass. The gas crisis is temporary, not structural.