Called TRUenergy, the company was formed in 1995 from the combination of retail and generation assets purchased from Singapore Power (who in turn purchased them from TXU Corp), and CLP's own Yallourn Power Station, in Victoria's Latrobe Valley. In 2011, TRUenergy acquired retail business and trade name from the state–owned enterprise, EnergyAustralia from the NSW Government. Following the divestment of its retail assets, the name of the government–owned enterprise was changed to Ausgrid. Subsequently, in 2012, TRUenergy changed its name to EnergyAustralia.
In late 2011, there were media reports that TRUenergy may be floated in 2012 and later reported that this initial offering may be considered in 2013.
On 15th May 2014 Energy Australia announced Catherine Tanna as new Managing Director of the company. 
EnergyAustralia supplies natural gas and electricity to more than 1.25 million residential and business customers throughout Australia. In addition to the retail function, EnergyAustralia has a significant portfolio of industrial and commercial customers, and a A$5 billion portfolio of energy assets, including an underground natural gas storage facility at Iona near Port Campbell, a master hedge agreement with Ecogen for 966 megawatts (1,295,000 hp) of gas-fired electricity and power stations at Yallourn, Victoria and Hallett Power Station, in South Australia.