France to Raise Household Electricity Prices by 10%

The French government has decided to raise regulated household electricity prices by 10% starting August, a government official said on Tuesday, confirming a report from newspaper Les Echos.
The government official added that this will be the only price hike until February 2024, www.nasdaq.com reported.
The 10% increase is much lower than the one proposed by the French Energy Regulatory Commission, which - based on current market prices - recommended an increase of 74.5%.
“We are in a phase of returning to normal, or returning to a new balance after the energy crisis that we experienced, even if obviously energy prices remain high,” said the government source, emphasizing that the French would continue to benefit from some of the lowest prices in Europe.
In May, France’s Finance Minister Bruno Le Maire said the country's cap on electricity prices would be phased out and terminate at the end of next year.
European electricity prices soared last year, mainly driven by the fallout from the war in Ukraine.
France also saw record-low nuclear output as state-owned utility EDF repairs reactors affected by stress corrosion.