Australian households could be paying as much as $430 more for electricity by the end of next year unless wholesale gas prices are brought under control, according to a new report that warns the Turnbull government's energy policies are falling short.

Policy analysts at the McKell Institute have for the first time modelled the impact of wholesale gas prices on household power bills in New South Wales, Victoria and Queensland - finding consumers are already paying between $100 and $200 more than what the Australian Competition and Consumer Commission considers reasonable.

Using the ACCC's figures - and taking into account the government's current gas policy settings - McKell's modelling finds households in NSW could be paying $434.08 more for electricity on average by the end of 2019. Households in Queensland are heading for a $312.92 price rise and Victorians could be paying $254.09 more.

The figures are based on the current forecast price and consumption trends, without a significant reduction in wholesale prices.