Mr Turnbull told the industry at a meeting yesterday that millions of Australians are paying too much for electricity.
“There are millions of Australian households that are on plans that are the wrong plans,” Mr Turnbull said.
“We know that people are being left on standing offers that are too high for what they can afford.”
“We need a better deal. We know that, for example, the gap between the best and worst offers that a household can have can range from $900 to $1,500 a year depending on the household.
And even within a particular company, with an individual company of yours, the gap can be between the best and the standard offer up to $400 a year.”
He said it was in their interests to address the issue.
“After all your customers, the consumers that you serve, they are the foundation of your business. We want to work with you to care for them,” Mr Turnbull said.