France to raise regulated household electricity prices by 10% from August

The French government has decided to raise regulated household electricity prices by 10% starting from August, a government official told Reuters on Tuesday, confirming a report from newspaper Les Echos.

The government official added that this will be the only price hike until February 2024.

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 repairs reactors affected by stress corrosion.