French President Emmanuel Macron said France will introduce a law capping electricity prices by the end of this year to encourage billions of euros of investment needed for its energy transition.
"We will take back control of our electricity at French and European level," Macron said in a speech in Paris on Monday outlining France's strategy to combat climate change. He added that new electricity price regulations due to be introduced in October will put France "in a very favorable competitive position in Europe".
The aim is to ensure that the prices paid by businesses and households - which have risen recently as natural gas prices have risen - are closer to the costs of production in France.