Energy Minister Chris Bowen says solutions agreed to at a crisis meeting will have an “early effect” in fixing soaring gas prices.

The energy market operator will have powers to buy and store gas, while the scope of regulators will be boosted to ensure transparency in the sector.

Mr Bowen on Wednesday convened a roundtable with his state and territory counterparts as the nation grapples with an energy crisis.

They agreed to an 11-point plan at the meeting, called as the nation’s power suppliers struggle with gas shortages and energy price hikes.

“Some of the immediate things – like giving AEMO the power to buy some gas and keep it in storage so it can be released in crises like the ones we faced last week – will have a pretty early effect, and certainly give us more powers to help us navigate crises like this,” Mr Bowen told ABC radio on Thursday.

Mr Bowen said the companies have a “social licence” to do the right thing by consumers.

He ruled out imposing windfall taxes on the gas companies.

Opposition Leader Peter Dutton said a “perfect storm” had been created by the premature shut down of coal-fired power stations and lack of gas exploration.

“I’d love to tell you that we can have energy in our country magically, but it doesn’t happen,” he told 2GB.

“It seems to me that Anthony Albanese and Chris Bowen have still got their training wheels on and have no idea what they’re doing.

“Families and businesses are going to be the ones that suffer because prices will go up.”

Mr Dutton said it would be an “outrage” if Australia lost business offshore, because the cost of energy became too expensive.

Mr Bowen said there was no “silver bullet” or overnight fix, blaming his predecessors for a rigid energy grid unable to adapt to evolving pressures.

“The (AEMO) could not procure some gas and keep it in reserve to be released for urgent and crisis situations,” he said following the meeting.

The Australian Energy Market Commission will release a draft capacity mechanism.

The capacity mechanism will focus on new technologies such as transmission, storage and renewables, but Mr Bowen would not rule out the use of coal-fired power plants when asked if they would be included in the energy mix.

A national transition plan for the energy grid will be developed ahead of the next meeting in July.

– AAP

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