In a new draft report, the commission said a 100 per cent uptake of smart meters would deliver a more than $500 million benefit to all regions in the national energy market.

Smart meters are devices that measure energy usage digitally and allow consumers to see how much power they are using in real time.

The commission’s chair Anna Collyer said a 100 per cent uptake of smart meters by the end of the decade would allow customers to be better informed about energy use in the lead up to net zero.

“The electricity market needs a critical mass of smart meters across households and businesses before we can introduce other significant advances necessary to reach net-zero,” she said.

“Smart meters turn power into knowledge and knowledge into power. Consumers can make informed choices which in turn open the way to greater retail options that suit their family or business usage patterns.”

The commission said it is working with stakeholders to speed up the rollout of smartmeters into the national electricity market.

The draft review also recommended further changes to energy rules to allow for a more coordinated approach to replace old energy meters with smart meters.

The review recommended safeguards for privacy be adopted.

Collyer said the upgrade to smart meters would allow for a more efficient energy network.

“You can’t run a smart system on the old dumb technology like traditional accumulation meters,” she said.

“Smart meters are foundational to a more connected, modern and efficient energy system that allows all consumers to get data about their household energy use.”

The draft report is open to submissions, with a final report expected to be handed down in the first half of 2023.