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Agence France-Presse

France’s finance minister pledged on Saturday to keep electricity costs in check for consumers as European energy prices soar.
The Paris government has put in place an energy price cap to shield households until December 31 and Bruno Le Maire said that next year, expected hikes would be “contained increases”.
“The four per cent cap will be maintained to the end of the year,” he told a ruling coalition conference in the eastern city of Metz.
“There will be no catch-up of costs on the ceiling in 2023,” he vowed after President Emmanuel Macron on Wednesday warned of energy price hikes.
Le Maire also said access to a three billion euro fund for businesses unable to meet energy bills would be made easier.
European electricity prices soared to new records this week, presaging a bitter winter as Russia’s invasion of Ukraine inflicts economic pain across the continent.
France to build 6 nuclear reactors as part of climate goals
But the war is not the only culprit in France, where nuclear energy currently covers some 70 per cent of the nation’s electricity needs.
The shutdown of several nuclear reactors due to corrosion issues has contributed to the French electricity price increase.
Traditionally an exporter of electricity, France is now an importer.
The year-ahead contract for French electricity on Friday surged past 1,100 euros (US$1,096) per megawatt hour (MWh), a more than tenfold increase on last year.
In Britain, energy regulator Ofgem said it would increase the electricity and gas price cap almost twofold from October 1 to an average £3,549 (US$4,197) per year.
Europe’s energy crisis is taking its toll on industry and homes
Ofgem blamed the increase on the spike in global wholesale gas prices after the lifting of Covid restrictions and Russian supply curbs.
Energy prices have soared in Europe as Russia has slashed natural gas supplies, with fears of more drastic cuts ahead amid tensions between Moscow and the West over the war.
One-fifth of European electricity is generated by gas-fired power plants, so drops in supply inevitably lead to higher prices.
European gas prices on Friday reached 341 euros per MWh, near the all-time high of 345 euros it struck in March.


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France

France vows to ‘contain’ soaring electricity costs as prices rise over nuclear reactor shutdowns, Ukraine war

The shutdown of several nuclear reactors due to corrosion issues has contributed to the French electricity price increase. Photo: AFP

Russia is burning US$10 million a day of natural gas usually destined for Germany, Europe’s energy prices soar

Russia burning off large amounts of natural gas that it previously would have exported to Germany while energy costs soar in Europe. Photo: dpa

Russia to shut Nord Stream gas pipeline for 3 days, increasing pressure on Europe

Russian energy giant Gazprom is suspending its gas deliveries to Europe via the Nord Stream 1 pipeline for three days to do “maintenance”. Photo: AFP

Gazprom to cut Nord Stream gas deliveries to Europe drastically from Wednesday

Pipe systems and shut-off devices at the Nord Stream 1 Baltic Sea pipeline. Photo: DPA

Ukraine cuts some Russian gas flow to Europe, threatening energy supply

Russia has been sending gas via Ukraine normally despite the conflict, but Kyiv previously warned Moscow that the actions of its troops in the Luhansk region could end up halting about a third of the gas it exports to Europe. Photo illustration: Reuters

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The energy price cap, in place until the end of 2022, will soften the blow for households ahead of next year’s ‘contained increase’ price hikes
Shutdown of French nuclear reactors, higher energy prices from the Russian invasion of Ukraine have raised costs in France



The energy price cap, in place until December 31, will soften the blow for households ahead of next year’s ‘contained increase’ price hikes.
