Australian Greens call for re-regulation of power market
The Australian Greens have put forward a policy that would cap soaring energy prices. The proposal would force states in which retail electricity prices are currently deregulated to re-regulate by the end of 2017. Under the legislation, should the states of Victoria, New South Wales, South Australia, and Queensland fail to re-regulate, the Australian Energy Regulator would be permitted to set energy prices itself.

As Prime Minister Malcolm Turnbull prepares to browbeat big electricity retailers in Canberra, the Greens have unveiled their own plans, calling for a price cap on soaring power bills.

The government has touted Wednesday's meeting in Canberra as a chance to pressure major retailers to increase pricing plan transparency to give consumers a clearer path to the cheapest options and avoid some of the pain of huge tariff hikes.

The Greens' plan, though, would have the government go much further, giving states where retail electricity prices are currently deregulated – Victoria, NSW, South Australia, parts of Queensland – until the end of 2017 to re-regulate prices. States would be able to set up public retailers to boost competition.

Should the states fail to act, the Commonwealth could order the Australian Energy Regulator to set prices.