In the Australian electricity sector, the facts and the customers have been victims.

The Australian Government welcomes the initiative by energy retailers to establish a voluntary comparison rate for power prices.

NICOLE CHVASTEK: Angus Taylor is the federal Energy Minister. Angus Taylor, good afternoon.

ANGUS TAYLOR: Good afternoon, Nicole.

NICOLE CHVASTEK: This is happening to people all around the country, isn't it?

ANGUS TAYLOR: I've just come from an extremely constructive and productive discussion with many of the energy companies from across the sector. We've made clear to them now for many weeks, that we want to see an end to the confusion that customers suffer when they are trying to enter into a contract with an electricity company. We've said to the companies very clearly that we want to see an end to the loyalty tax that's paid by customers who trust their retailer and don't negotiate a new contract every year.

STEVE AUSTIN: Now to the issue of cost of electricity. The Federal Energy Minister, Angus Taylor, is fresh out a meeting with power company chief executives in Sydney and he says he's given them an ultimatum: to bring down power prices on their own or be the subject of tighter laws around pricing. Angus Taylor is Australia's Energy Minister. Minister Taylor, thanks for coming on this afternoon.

ANGUS TAYLOR: Thanks for having me.

STEVE AUSTIN: What Queensland companies were in the room?

PATRICIA KARVELAS: The federal government is claiming a victory of sorts in its bid to get energy retailers to lower their prices by January next year. The Government has campaigned heavily on bringing down the cost of power, but its proposed default energy price doesn't kick in until 1 July. With a federal election due before then, the political cost of a long, hot summer with air conditioners running at full tilt looms large. The Energy Minister is Angus Taylor and he met with the industry retailers today. He joins us on RN Drive - Angus Taylor - welcome.

TICKY FULLERTON: Retail energy bosses will be forced to lower their power prices or face more aggressive federal legislation. Energy Minister Angus Taylor gave the ultimatum to energy bosses today with an agreement reached to standardise comparison rates for all customers. Mr Taylor also says the loyalty tax will be gone by 1 July next year, with retailers told to put something on the table by 1 January.

ROSS GREENWOOD: Today all of the bosses of the big energy companies were trotted to Canberra to basically go before Australia's Minister for Energy, Angus Taylor, who has told them that the prices for electricity - your electricity, whether you're in business on whether you're in a home - has to come down this year. Now, the way in which that's going to be done is going to be interesting - is it simply a case that they cut their prices? But there's other bits and pieces around energy as well today.

NICOLE CHVASTEK: Angus Taylor is the federal Energy Minister. Angus Taylor, good afternoon.
ANGUS TAYLOR: Good afternoon, Nicole.
NICOLE CHVASTEK: This is happening to people all around the country, isn't it?

ANGUS TAYLOR: I've just come from an extremely constructive and productive discussion with many of the energy companies from across the sector. We've made clear to them now for many weeks, that we want to see an end to the confusion that customers suffer when they are trying to enter into a contract with an electricity company. We've said to the companies very clearly that we want to see an end to the loyalty tax that's paid by customers who trust their retailer and don't negotiate a new contract every year.