France vows to keep energy prices under control

The government in Paris has set ceiling prices to protect households by December 31st, and Finance Minister Bruno Le Muire said next year it is expected to have a key “screening of” of prices.

“2 percent of the ceiling price will remain in force by the end of”, he said during a media conference in the town of Metz.
“There will be no ceiling price coverage in 2023”, he pledged after French President Emmanuel Macron warned of rising prices earlier this week.

Le Muire said sharing $3 billion for businesses will not be enough to cover their energy bills, but will help businesses.

During this week, European energy prices have reached a new record, as Europe is gearing up for a difficult winter, as price hikes have been prompted by Ukraine's unprotested Russian invasion.

War in Ukraine, however, is not the only blame for the situation in France, a country that through nuclear energy covers about 70 percent of energy needs.

The closure of several reactors due to corruption problems has contributed to France facing rising energy prices.

Traditionally a power exporter, France has now become an importer.

Britain is also facing significant energy price increases. British energy regulator Ofgem warned that average prices for households would rise for 3.549 pounds from October 1st.

Energy prices in Europe have increased as Russia began to limit natural gas supplies and fears that Moscow could further limit its power shipments due to increased tensions between Moscow and the West due to war in Ukraine.

A fifth of European electricity is generated by gas thermal power plants. The price for gas in Europe on Friday has reached 341 euros for megawatts -- almost the highest level it scored in March, when a megawatt cost that world 345 euros. / REL