The government says the NEG will lower electricity prices, make the system more reliable, encourage the right investment and reduce emissions without subsidies, taxes or trading schemes.
“It is truly technology-neutral, offering a future for investment in whatever technology the market needs - solar, wind, coal, gas, batteries or pumped storage,” said Mr Turnbull.
“Unlike previous approaches, we are not picking winners, we are levelling the playing field.
“Coal, gas, hydro and biomass will be rewarded for their dispatchability while wind, solar and hydro will be recognised as lower emissions technologies but will no longer be subsidised.
“Importantly, this plan builds on the Finkel Review, which recommended the creation of the ESB that has now recommended the National Energy Guarantee.
“The government will now work with the ESB and the states through COAG to implement the National Energy Guarantee.”