The Australian Energy Regulator will get an extra $23 million over five years to create a reference bill and default market offer for electricity.

Ongoing funding will also be available for the AER to regularly update the bill and market offer, which federal Energy Minister Angus Taylor wants to be finalised by April 30 next year.

An additional $28 million over seven years will be injected into the Australian Competition and Consumer Commission, to monitor electricity prices and deal with energy company misconduct.

The agency's first report is due by March 31 next year ahead of a report every six months until 2025.

Meanwhile, energy retailers have assured the minister they are fast tracking a voluntary comparison rate which will enable households to easily rank energy discounts in the market.

The Australian Energy Council has released a concept design to Mr Taylor and his state counterparts ahead of a key meeting next week.

The funding boost comes as the Morrison government will on Friday direct the corporation to prioritise investments that support more reliable, 24/7 power.

Renewable energy projects will have to show they support and not disrupt the reliability of the electricity grid, under a new directive for the Clean Energy Finance Corporation.

"The CEFC will have to take into consideration the potential effect on reliability and security of supply when evaluating renewable energy generation investment proposals," Mr Taylor and Finance Minister Mathias Cormann said in a joint statement.

The agency was also directed to continue focusing on emerging and innovative clean energy technologies, in order to prevent private financing being crowded out of the market.

But CEFC CEO Ian Learmonth said the agency already considers the effect a project has on the grid.

"We have already invested in projects that incorporate smart controls, batteries, weather predicting technology and Frequency Control and Ancillary Services (FCAS) which support reliability or security of electricity supply," he said.

The new mandate will not prevent investment going towards intermittent renewable energy, such as wind and solar, as long as their effect on reliability and security of the grid has been considered.

"We are looking forward to continuing to invest heavily in solar, wind, hydro, bioenergy and other technologies in the renewable energy sector," Mr Learmonth said.

The federal government also announced taxpayer money could go towards upgrading existing coal-fired power plants in an attempt to reduce power bills.

Registrations of interest for the government's underwriting plan opened on Thursday, giving the industry a six-week window to apply so a shortlist can be decided early next year.

Australian Associated Press