The decision followed a meeting chaired by Energy Minister Chris Bowen with state and territory counterparts.
The meeting also saw the national energy objectives updated for the first time in 15 years, with ministers agreeing to an emissions reduction objective.
Mr Bowen said while the agreement at the meeting would not solve all issues in the sector, they would go a long way to providing more reliable energy.
"It's fair to say the challenges remain, they remain this year, they remain next year, into the immediate future," he told reporters in Canberra.
"It's not a silver bullet but it is an important next step building on the reforms we agreed in June in relation to AEMO's power to buy and store gas."
The addition of the emissions reduction objective will ensure that measures such as net-zero targets would be delivered in the best interest for energy customers.
"It might not sound like much, but this is very important," Mr Bowen said.
"It sends a clear message to our energy market operators that they must include emissions reductions in the work that they do, in the objectives they have, in any advice or decisions they make."
Queensland Energy Minister Mick de Brenni welcomed the emissions objective outlined in the meeting.
"It's a clear and direct signal to the entire nation as well as the global community that everyone is now working together in this new energy era," he said.
"This will make sure that our market bodies look beyond just electrons and dollars when they're taking actions and making decisions on behalf of our national energy market."
Ministers at the meeting also agreed to reform the retailer of last resort regime.
The regime is designed so electricity or gas can still be provided to households and businesses should there be a temporary failure in the energy market.
NSW minister Matt Kean said domestic supply of gas needed to be ensured, with large amounts being exported.
"We need to prioritise Australian gas for Australian gas users," Mr Kean said.
"What we don't want to see is domestic gas producers prioritising profits and exports ahead of local users."
Mr Kean said the latest meeting of energy ministers was the "most constructive and productive" in recent years, following on from the reforms proposed.
"This is the first time we're all on the same page moving forward to build a modern energy system that's going to benefit consumers," he said.
"It's going to benefit businesses, it's going to benefit the environment. And most importantly, it's going to benefit our economy."
A First Nations strategy for energy will also be developed, which will be co-designed with Indigenous people.
Under the national energy transformation partnership, ministers agreed to identify transmission projects that have national significance.
Mr Bowen said the declaration would allow for the transmission lines to be delivered on time.
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