The Abbott government says it remains committed to the renewable energy target (RET) despite reports to the contrary.

Finance Minister Mathias Cormann says the government will wait for a review of the RET before making any decisions, but insists it is not considering dropping the policy.

The RET mandates that 20 per cent of all electricity be generated from renewable sources by 2020.

Critics have called for the policy to be watered down or scrapped.

The government has asked that the review consider the appropriateness of the bipartisan clean energy scheme and its impact on power prices.

The Australian Financial Review reports Prime Minister Tony Abbott has told the review to do more work on the option of scrapping the target.

But Senator Cormann denies that is the government’s position.

“The government remains committed to the renewable energy target,” he told ABC radio on Monday.

New research has found scrapping the RET would increase coal and gas profits by $8 billion from 2015 to 2030, wouldn’t affect consumer electricity prices and would increase carbon pollution by 150 million tonnes by 2030.

Climate Institute CEO John Connor said the push by power companies to weaken the RET was cynical and motivated by self-interest rather than by savings to customers.