PARIS, July 18 (Reuters) - The French government has decided to raise regulated household electricity prices by 10% starting from August, a government official said on Tuesday, confirming a report from newspaper Les Echos.
The 10% increase is much lower than the one proposed by the French Energy Regulatory Commission (CRE), which - based on current market prices - recommended an increase of 74.5%.
In May, Finance Minister Bruno Le Maire said France's cap on electricity prices would be phased out and end 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 (EDF.PA) repairs reactors affected by stress corrosion.
Persons:
Les, ”, Bruno Le Maire, France's, Benjamin Mallet, Tassilo Hummel, Charlotte Van Campenhout, Jason Neely
Organizations:
French Energy Regulatory Commission, Finance, EDF, Thomson
Locations:
Europe, Ukraine, France