The nation first froze fuel costs in October 2021 and likewise capped electrical energy costs from rising by not more than 4 %.
Whereas vitality costs soar within the UK and as firms like Shell and Centrica publish file earnings amid a price of dwelling disaster for the remainder of us, France has prolonged its vitality worth cap measures to the tip of 2022.
The nation first froze fuel costs in October 2021 and likewise capped electrical energy costs from rising by not more than 4 %.
“The worth cap offers shoppers in France with assured tariffs and it’s the State that pays the distinction between market charges, which have clearly risen significantly in France and in different European nations,” France’s prime minister’s workplace acknowledged.
It’s been estimated by Brussels-based assume tank Bruegel that France will spend €38billion in measures designed to counter rising costs.
The French authorities can be poised to pay almost €10bn (£8.5bn) to totally nationalise EDF as ministers try and sort out the European vitality disaster.
Whereas information of the cap being prolonged in France was introduced this week, within the UK, British Gasoline proprietor Centrica introduced that its earnings have elevated five-fold to £1.34 billion, as vitality payments soar and thousands and thousands of households reside in gasoline poverty throughout the nation.
Centrica’s file earnings for the primary six months of 2022 are 5 instances the quantity from the identical interval final yr of £262m.
Oil firm Shell additionally reported file earnings of $11.5bn, doubling its earnings in a single yr amid surging vitality costs.
In the meantime, British households face annual vitality payments of £3,850, thrice what they have been paying at the beginning of 2022.
Many have been left questioning why the UK authorities can’t comply with within the footsteps of France and cap costs, whereas calls have additionally for vitality firms to be purchased into public possession.
Basit Mahmood is editor of Left Foot Ahead
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