However, the prime minister could not give a guarantee when consumers and business would see the hip pocket impact of new regulations and legislation, saying "time will tell".
One of the key drivers of higher power prices has been the price of gas, partially due to a shortage of east coast domestic supply.
Once the shortfall in supply is worked out, the government will begin finalising regulations to restrict gas exports on July 1.
Mr Turnbull said wholesale gas prices would come down in the immediate term, but "how they translate into retail prices or prices for industrial users is another thing".
He blamed the previous Labor Government for granting too many gas export licences.
"What they did back in 2012, and around that period, in licensing the export of so much gas without a moment's thought to the impact on the domestic market - it is breath taking, the recklessness that they showed."
"Australian businesses and households are paying the price and what we're doing is taking strong action, decisive action, to address that," he told reporters in Canberra on Tuesday.
As well, the government will seek parliament's approval to scrap a process electricity companies use to justify power price hikes.
Energy Minister Josh Frydenberg said axing the limited merits review - the next round of which is due in 2019/20 - would put "downward pressure on electricity prices".
Limited merits review allows entities affected by decisions of the Australian Energy Regulator to have the decisions reviewed by the Australian Competition Tribunal.
The courts have ruled against consumers 31 times out of 52 appeals by companies.
While not putting a figure on its impact on power bills, Mr Frydenberg said past processes had added an extra $6.5 billion to electricity costs.
The prime minister rejected concerns the gas regulations could case sovereign risk for energy companies.
"Our first duty, and it is consistent with our legal obligations ... is to protect our people, our businesses, our households."
The government is still weighing up other recommendations of Chief Scientist Alan Finkel's review of the electricity sector, including a clean energy target.
Mr Turnbull said the government had asked the Australian Energy Market Operator to identify, in line with Dr Finkel's report, how best to ensure the retirement of coal-fired power stations does not deliver a price shock to the market.
"(They will) talk to suppliers and energy suppliers and particularly large-scale emissions intensity suppliers about what they need to do to secure future investment and examine how much continuous power is needed in the short-term to stabilise our power prices," he said.
If necessary the government would step in beyond its existing commitment to Snowy Hydro 2.0, such as investing in clean coal technology.
"We'd certainly consider that."
Share
