The A$660 billion economy would get a further A$1.3 billion boost in that time period if an array of greenhouse gas emission abatement measures were abolished and replaced with a single, national emissions trading regime.

"The estimates of the prospective benefits of reform are sobering. They are indicative of the importance of governments taking the steps that will allow electricity and natural gas markets to move to maturity," Review chairman Warwick Parer said in a statement.

The final report confirmed earlier draft recommendations, which included a plan for a single national industry regulator to replace the energy roles of the Australian Competition and Consumer Commission, state regulators, the National Electricity Code Administrator and the National Competition Council.

It said a Ministerial Council on Energy should be the sole ministerial level decision-making body, with the NEM Ministers Forum not able to bring a truly national approach.

It said the New South Wales state-owned generators should be broken into more competing companies and the state's Electricity Tariff Equalisation Fund should be withdrawn.

For the gas market, the review called for improved pipeline regulation and improved competition between the companies working in joint ventures to supply gas from the major producing fields.