The comments come in the run-up to Queensland's state budget, to be handed down by Treasurer David Janetzki on Tuesday.
Premier David Crisafulli warned energy retailers would be given "a very small window" to pass on savings to consumers.
"Watch out, because you're going to be named and shamed, and we've many levers at our disposal," he told reporters in Brisbane on Sunday.
"Watch this space on Tuesday if it doesn't start happening."
Mr Janetzki repeated the threat, saying the government-owned Ergon Energy, which services regional Queensland, had been directed to pass on savings in full.
"If energy costs are going down, then power bills must come down too," he said.
The Queensland Competition Authority earlier in June confirmed electricity costs were due to drop by 6.9 per cent for regional households and 8.1 per cent for small businesses from the start of July.
It noted higher availability of Queensland coal generators, lower gas prices and growing investment in batteries and renewables were helping to drive down power bills.
The government has also announced a freeze on water bills in southeast Queensland, which it said would save average households $130 over two years.
The treasurer faces a tricky balancing act, with the budget squeezed by heavy capital works spending ahead of the 2032 Olympics, fast-rising debt and volatile income propped up by coal royalties.
Despite those competing pressures, the government is promising there will be no new or increased taxes, saying such measures to boost government coffers amounted to the easy way out.
Mr Crisafulli was also asked about a call on Thursday by Australia's richest person, mining magnate Gina Rinehart, to gift Queensland land to the world's richest person, Elon Musk, for SpaceX rocket launches.
"I really haven't thought about it," he said.
"But we see the likes of defence and space exploration as being an opportunity for Queensland ... we're certainly happy to play our part in energising anyone who wants to invest in this great state."
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