Anthony Albanese says relief for energy costs isn't a "one size fits all" approach, with the country's treasurers close to finalising the details of the national energy bill relief plan.
In December an agreement was reached to set up an energy bill relief fund, with $1.5 billion from the commonwealth matched dollar-for-dollar by the states and territories.
Speaking after national cabinet alongside the country's premiers and chief ministers in Canberra on Friday, the prime minister said the treasurers will meet next week to finalise the details of the plan.
"This isn't going to be a one size fits all, because different states and territories have different systems and starting points," Mr Albanese told reporters.
He said the key to fixing the system was to modernise the energy grid.
The federal government intervened in the energy market late last year, introducing a temporary 12-month price cap on coal and gas.
Parliament was recalled before Christmas to pass the legislation for the temporary price cap following an agreement by the prime minister and state and territory leaders at national cabinet.
The federal budget handed down last October forecasted a 56 per cent increase in electricity prices, and 44 per cent in gas prices, for households over the next two years without government intervention.
Gas industry chief Samantha McCulloch told a parliamentary inquiry on Friday the key contributor to high energy prices was under-investment in new gas supply.
"The recent government interventions in the market are exacerbating, not easing, this situation," she said.
"The 12-month price cap and ongoing price regulation proposed as part of the mandatory code of conduct have brought enormous uncertainty to the market.
"These measures will result in less investment in supply, ultimately increasing gas prices."
