The consumer watchdog is calling for an overhaul of the energy sector in order to tackle sky-high energy prices.

Following a 15-month investigation, the Australian Competition and Consumer Commission (ACCC) has found the energy market is “broken” and is in desperate need of reform.

The 400-page report recommends the energy regulator be given extra powers to crack-down on price gouging by retailers, also advising companies face a cap on how many power stations they can own.

The ACCC also suggest the government back investment in dispatchable generation like gas or batteries.

Energy Minister Josh Frydenberg says all 56 recommendations are on the table for consideration. Liberal MP Craig Kelly saying he’s hopeful most will be adopted.

“We’ve lost our competitive advantage in electricity, in energy use,” Mr Kelly tells Deborah Knight.

“It threatens industries, it threatens many jobs and we’ve got to get this fixed, and the only way we’re going to get this fixed is to get more baseload generation in the system and that is what the ACCC report recommends.”

The Chair of the Backbench Committee on Energy has taken aim at energy giants, saying Australians who are facing unnecessary fees and high energy bills deserve a direct apology.

“I think the likes of AGL and Energy Australia, their executives should front up to the media today and apologise for ripping off Australian consumers.”

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