Prime Minister Scott Morrison should rethink the government's plans to underwrite the construction of new gas pipelines and potentially build a new gas-fired power station in NSW, because Australia has an abundance of renewable energy sources, says respected company director Jillian Broadbent.

Ms Broadbent, a director of investment bank Macquarie Group and supermarket behemoth Woolworths, said declining prices of renewable energy and storage batteries meant it was feasible for Australia to decarbonise its electricity system in the next 10 to 15 years.