Households set to be offered lower energy prices

Extortionate energy prices continue to stretch people's finances to the limit in Australia and many fear that the situation will worsen.

The government is committed to using more renewable power sources, but many Aussies are worried this will result in the average bill being hiked.

However, the Daily Telegraph reports that a host of smaller, less renowned energy suppliers are now flooding the market with much cheaper tariffs.

Organisations such as Momentum Energy and Dodo have seen this as a good opportunity to boost their market share by providing much more attractive rates.

This is fantastic news for struggling Aussies, many of whom have been forced to rein in their credit and debit card spending in order to cover the rising cost of everyday essentials.

The news comes shortly after 77,000 households and small businesses joined the People Power campaign run by the publication alongside, which is aimed at making energy prices more affordable across the nation.

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