Malcolm Turnbull has capitulated further to the climate rebels in his ranks by postponing indefinitely plans to legislate the emissions reduction target for the National Energy Guarantee.

And, as threatened last week, he has unveiled a raft of new regulatory powers aimed directly at lowering prices which include, as a last resort, taking over the operation of power stations and forcing the divestment of assets by companies such as AGL Energy, which own generators and retailers in the same market.