Energy giant Woodside has denied any gas supply is being withheld with accusations from government ministers they were addicted to record post-war profits.

Energy Minister Chris Bowen said the 12-month price cap on gas and coal was helping push down electricity prices.

“The alternative was just to let the profits rip, to let the wartime profits continue,” he told ABC radio on Thursday.

“We accepted you’ll make those profits on your exports, we are not seeking to interfere with that, But I don’t think it’s unreasonable for Australian gas to be sold to Australian industry at reasonable prices.”

Mr Bowen said the intervention would cut price hikes from 20 per cent to four in 2023.

“We would have seen Australian industries closed this year,” he said.

He also backed in comments from Industry Minister Ed Husic, who said Australian gas companies were “addicted” to huge war-driven profits and branded them “Putin profits”.

“War profits continuing was not acceptable to the government, hence we intervened,” Mr Bowen said.

Woodside executive vice president Mark Abbottsford categorically denied any supply was being withheld.

“Every molecule of production we can put into the marketplace, we are,” he told ABC radio.

“Prices have been very high over the last six months. But we want to see prices get back to more sustainable levels.”

Mr Abbottsford said sustainable prices would provide gas users more certainty about investments.

But he also raised concerns about the price cap, saying it would reduce supply into the market and create a second set of problems.

Opposition Leader Peter Dutton also said price caps didn’t work.

“Otherwise we’d say every time you get a spike in the price of watermelon, which we saw over Christmas, that you cap the price of watermelon or cap the price of any commodity,” he said.

“All it’s resulted in is an increase in prices and greater uncertainty about the stability in the market.”

The Greens are pushing for an interim code of conduct to reel in energy providers which refuse to heed government calls to drive down gas prices.

The call comes amid concerns over the prospect of big gas companies ripping off Australians without enough regulation in place.

Acting Greens leader Mehreen Faruqi said reports of gas companies refusing to sign new commercial deals and threatening blackouts warrant the code’s expedition.

“Gas companies are trying to hold the country hostage, sparking chaos in the energy sector and anxiety for ordinary people already experiencing intense cost of living pain,” she said.

The NSW senator said an interim code would mean gas companies “can’t hide behind this excuse to cause chaos in the energy sector by arbitrarily withholding supply, and overcharging the country for its own gas”.

– AAP