The Federal Government’s Energy Efficiency Opportunities (EEO) program is saving participants millions of dollars in energy costs each year, according to a new independent review.

The ACIL Tasman review recommended the streamlining of the reporting process to deal with industry concerns around compliance costs, which Federal Minister for Energy, Gary Gray, said the Government would move to implement immediately.

"This evaluation highlights the substantial cost benefits the EEO program is delivering by improving the Australian industrial sector's energy efficiency," Mr Gray said.

"By helping companies to implement better energy management, the EEO program reduces energy costs – amounting to over $290 million each year – as well as greenhouse gas emissions.

"I welcome the recommendations that will help to deliver on the Council of Australian Governments' commitment to streamline reporting and reduce the compliance burden on companies. 

"A series of regulatory changes are currently being prepared by my department, including working with the Clean Energy Regulator to develop a single portal for industry to report on energy use and emissions data by October 2014.

Mr Gray said that recent announcements by the New South Wales, Victorian and Queensland governments to end their mandatory industrial energy efficiency assessment programs will also help reduce duplication costs.”