News Karnataka
Friday, October 07 2022

France to cap energy price hikes at 15% in 2023

Photo Credit : IANS

Paris: Energy price hike for households in France will be capped at 15 per cent next year, Prime Minister Elisabeth Borne said in French capital Paris. The tariff shield for gas will come into effect in January and for electricity in February.

According to Borne, the measure will help French households save “around 160 euros ($160) per month of savings for electricity and 175 euros per month for gas”.

At a press conference after a Council of Ministers’ meeting, she added that the country’s gas storage facilities were 95 per cent full in preparation for possible shortages this winter, Xinhua news agency reported.

“In the most likely scenarios, if everyone takes responsibility, there will be no energy cuts,” she said, adding that “only sobriety and European solidarity will allow us to avoid cuts”.

Recalling the 230-million-euro financial aid package for households that was adopted by the country’s parliament in July, Borne said that “We have taken strong measures to protect the French”.

Economy and Finance Minister Bruno Le Maire said that, compared to other European countries, France has anticipated the increase in energy prices with the energy tariff shield and as consequence it now has the lowest inflation rate in the European Union (EU).

He noted that his country will continue working with the European Commission for European solidarity.

Le Maire said that the energy tariff shield was “essential” to avoid “adding an economic crisis to an energetic crisis”.

Calling for individual and collective efforts, Minister for Energy Transition, Agnes Pannier-Runacher said that a new EcoWatt website, to be launched on September 22, will enable the people to track the country’s electricity consumption in real time and to receive relevant alerts. (1 euro = $1)

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