France’s Le Maire says energy price rise ‘absolute emergency’

France's Le Maire says energy price rise 'absolute emergency'

“If we don’t find a solution in the coming days, French people will see an increase between 35% and 40% in electricity bills,” Le Maire said at a press conference in Paris. “It is an absolute emergency because the explosion in electricity prices is neither sustainable for households nor for businesses.”

French Finance Minister Bruno Le Maire said the government is stressed over the financial and social fallout from the surge in energy costs and is attempting to track down ways of continuing to secure customers and organizations. The government has vowed to contain the yearly expansion in power costs at 4% primarily utilizing tax reductions. In any case, the surge in wholesale costs has taken policy creators by surprise and the finance ministry is haggling with state-controlled EDF for different fixes.

With less than four months to go until presidential elections, the minister also warned of the social consequences of a surge in living costs.

“Look at what is happening in Kazakhstan; it’s quite instructive in terms of what can happen when energy, electricity or gas prices explode,” Le Maire said. “It’s politically dangerous.”

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