Business leaders and the Turnbull government are warning the Labor states they will be blamed for inflicting higher power prices on consumers and industry if they kill off the National Energy Guarantee, as the prospect of an end to the nation's energy wars fades.

Victoria and the ACT are ramping up threats to walk away from any deal at Friday's crucial energy ministers meeting, as business groups unite to urge the states to put aside their objections that the NEG's emissions reduction targets are not ambitious enough.