Electricity generators have rebuked the Turnbull government for delaying the introduction of a clean energy target, arguing a target will trigger new investment and bring down power bills.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Mr Turnbull will meet the bosses of some of Australia's biggest power companies in Sydney on Wednesday for a second round of discussions about skyrocketing rising power prices.
At an earlier meeting in August, a deal was struck for millions of Australians to be notified when their discount electricity plans expire, which could save households more than $1000 a year, as well as some other consumer protection measures.
The companies who will attend the next meeting include Energy Australia, Momentum Energy, Simply Energy, Alinta Energy, Origin Energy, AGL, Australian Energy Council and Snowy Hydro.
They are expected to agree on Wednesday to write to all customers on a "standing offer" contract and point out, where possible, that they may be able to sign up to a cheaper deal.
Ahead of the meeting, Australian Energy Council chief executive Matthew Warren - speaking for Australia's 21 major electricity and gas generators - again said that implementing a clean energy target was the most effective way to bring down power prices.
Mr Warren said the industry would work constructively with government to ensure customers get a better deal but blamed the spike in electricity bills on short supply in the generation and wholesale market.
"If you want to fix power bills, you have to fix that problem. New investment to replace Australia's ageing fleet of power stations is stalled as the result of a decade of national climate and energy policy uncertainty."
"The government's own independent advice led by the Chief Scientist, Dr Alan Finkel, has recommended a technology neutral clean energy target as a workable policy solution to break this investment impasse. Like most other stakeholders we endorse this recommendation and will continue to support the federal government in delivering this urgent policy breakthrough as quickly as possible."
The Turnbull government has agreed to adopt 49 of the 50 recommendations of the Finkel review of the electricity sector - but not the clean energy target.
A backbench revolt over the clean energy target recommendation, just days after the release of the Finkel review, has seen the government push back implementation.
The government is also awaiting an Australian Energy Market Operator report on Australia's future baseload power needs before deciding how to proceed.
Speaking in Cooma at the announcement of an extra $8 million federal contribution to a feasibility study into Snowy Hydro 2.0, Mr Turnbull said his government was working through the Finkel recommendations.
"We are taking this very carefully. Can I tell you, having a renewable energy target or a CET - clean energy target - by itself is not going to ensure we have the baseload power we need in the years ahead. There is quite a lot of complexity in this. The one thing we do know, is we need a lot more storage.
"We're working through it. It is very important that you have the right plan going forward. So vitally important that we also get that information from [the Australian Energy Market Operator]. We have to get a handle on the size of the problem we are facing in terms of dispatchable or baseload power."
Opposition Leader Bill Shorten said Australians faced a gas and electricity price crisis while Mr Turnbull took a "joyride" in a helicopter to the Snowy Hydro power station.
"What we need to do is make sure that the gas being produced in Australia is not being exported overseas at cheaper prices than Australian industry is able to pay for this gas in this country right now," Mr Shorten said.
"The government has passed a regulation which says that if there is insufficient gas for domestic supply, then they can introduce export controls. We think that is the right law but the problem is that they haven't pulled the trigger to do this."
