The energetics and emission mechanism of GRBs are not well understood. Here we demonstrate that the instantaneous peak flux or equivalent isotropic peak luminosity, L_iso ergs s^-1, rather than the integrated fluence or equivalent isotropic energy, E_iso ergs, underpins the known high-energy correlations. Using new spectral/temporal parameters calculated for 101 bursts with redshifts from BATSE, BeppoSAX, HETE-II and Swift we describe a parameter space which characterises the apparently diverse properties of the prompt emission. We show that a source frame characteristic-photon-energy/peak luminosity ratio, K_z, can be constructed which is constant within a factor of 2 for all bursts whatever their duration, spectrum, luminosity and the instrumentation used to detect them. The new parameterization embodies the Amati relation but indicates that some correlation between E_peak and E_iso follows as a direct mathematical inference from the Band function and that a simple transformation of E_iso to L_iso yields a universal high energy correlation for GRBs. The existence of K_z indicates that the mechanism responsible for the prompt emission from all GRBs is probably predominantly thermal.
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