Australia's renewable energy target appears to be on the table following Prime Minister Tony Abbott's decision to review the country's energy policy.

Abbott announced Wednesday he will head an energy policy task force that will be "looking at new options to reduce the costs of energy." The review is expected to be completed in June.

Australia's Renewable Energy Target scheme, enacted in 2009, requires energy retailers and large customers to source a proportion of their energy from renewable sources. It calls for 20 percent of the country's power generation to come from renewable sources by 2020.

Abbott said "we support sensible use of renewable energy," but said circumstances had changed.

"We have to accept that in the changed circumstances of today, the renewable energy target is causing pretty significant price pressure in the system and we ought to be an affordable energy superpower ... cheap energy ought to be one of our comparative advantages ... what we will be looking at is what we need to do to get power prices down significantly," the prime minister said.