The Energy Minister says Australia’s renewable target will not be raised.

Australia's has a target to obtain just under one-quarter of its electricity generation from renewable supplies by 2020.

The nation is now on track to achieve the target due to a string of large wind and solar power projects being given the green light.

The goalposts were moved in order to effectively cut the target under the Abbott government in 2015.

The previous aim was for 41,000 gigawatt hours, but it was knocked down to 33,000 gigawatt hours.

“Those targets won't be increased, and the reason is very simple, it's because the economics of this is working fine now,” he told ABC Radio this week.

Mr Taylor says renewable energy brings new challenges for the electricity system, including potential summer blackouts if there is not enough baseload power.

But still, he claimed that expanding the Snowy Hydro scheme, building a new interconnector between Tasmania and the mainland, part of the “Battery of the Nation” vision, are all high priorities.

“These are crucial investments to get the balance in the system, that is the key now.”

Mr Taylor says the dramatically lower cost of energy from wind and solar is an argument against the need for a renewable energy target.

The Morrison has plans to underwrite new investments in power generation, but there are no new details yet on which projects will receive taxpayer support.