THE Queensland government will press on with plans to sell off public assets to address the state's "unsustainable levels" of debt.
But the government has ruled out selling off the Queensland Investment Corporation after previously flagging the idea.
Treasurer Tim Nicholls says studies will be carried out on the possible sale of Queensland's energy generators CS Energy and Stanwell.
Studies will also be done on leasing out the ports of Gladstone and Townsville.
Mr Nicholls said the work didn't mean the sales would proceed, and again stressed there'd be no sell-off without an election mandate.
He also hosed down speculation there would be an early election.
"Three years is three years," he told reporters on Thursday.
The studies will examine whether to sell, lease or enter into public and private partnerships.
They'll also look at the timing of any sales, investor appetite, if restructures are required or whether to proceed with trade sales or initial public offerings.
The studies are expected to be completed by February.
A separate study will look at whether to bundle Ergon Energy's retail business with CS Energy or Stanwell and selling it as well.
"It could give them a certain degree of capacity to manage their costs and deliver services," Mr Nicholls said.
"We want to consider whether there is value in Queensland having a third competitor and whether a vertically integrated retailer would add value."
The government will also sound out private sector interest in an equity stake in electricity transmitters and distributors Ergon, Energex and Powerlink, in exchange for undertaking about $10 billion worth of capital investment.
Mr Nicholls says the infrastructure upgrades are necessary, but the state can't afford to plunge further into debt.
State debt sits at about $80 billion - the same as NSW and Victoria combined. Interest payments top $4 billion a year.
"If we incur more debt it imperils our credit rating," Mr Nicholls said.
"We've reached as far as the rubber band can stretch in terms of our borrowing capacity.
"We have lost our economic independence to some degree.
"We must go cap-in-hand to bankers around the world seeking funds if we want to continue to grow."
Mr Nicholls said there could be a deal on the equity stake plan before the next election because the state will retain 100 per cent ownership of ordinary shares in the network businesses and assets.
"Because we are going to maintain control ... we believe we can move straight to that (without a mandate)," he said.
Mr Nicholls said the government had determined that it didn't make any sense to sell the Queensland Investment Corporation (QIC).
The QIC manages money on behalf of numerous public and private sector pension funds and owns tolling rights to five Brisbane motorways.
"Retaining the QIC forms part of the government's considered economic planning for Queensland's future, principally because of QIC's position as the premier investment financial service industry player in the state," he said.
"The government is confident of QIC's strong future as industry leaders and that its management will deliver on their growth plans going forward."
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