REVISED TURNBULL GOVERNMENT ENERGY PLAN:
* Government won't bring in legislation for the National Energy Guarantee to parliament this week, because it lacks numbers to pass it. This means no immediate action on cutting emissions.
* "Default market offer" to give consumers on standing offers in NSW, Victoria, SA and south-east Queensland a clear picture of how much they should be paying for their electricity. Saving for 1.2 million households could range between $183 and $416 a year. Average small business to save $561 to $1457.
* The default rate will be the reference point for all advertised discounts from July 2019.
* Limits will be placed on the penalties customers face when they don't pay their bills on time and lose their discounts.
* If the states don't agree with default rate changes, it will be put into federal law.
* ACCC to hold an inquiry into prices, profits and margins in the national electricity market, running until 2025 and including monitoring of retail prices and margins, wholesale bids and conduct and contract market liquidity.
* ACCC to get new powers to step in where there has been an abuse or misuse of market power by big electricity companies, including financial penalties and possible break-up of companies in worst cases.
* Government will underwrite new power generation for commercial and industrial customers, as recommended by ACCC.
* Talks to continue with the states on the reliability guarantee, which needs to be in place by July 2019.
