The French government has decided to raise regulated household electricity prices by 10% starting in August, a government official said on Tuesday, confirming an article in the daily newspaper Les Echos, Reuters reported.

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

The 10% increase is much lower than that proposed by France’s Energy Regulatory Commission (CRE), which recommended a 74.5% increase based on current market prices.

“We are in the phase of returning to normalcy or, in any case, returning to a new balance after the energy crisis that we experienced, even though obviously energy prices remain high,” a government source said, stressing that France will continue to enjoy some of the lowest prices in Europe.

In May, Finance Minister Bruno Le Maire said France’s electricity price cap would be phased out and end at the end of next year.

European electricity prices rose last year, mainly due to the consequences of the war in Ukraine.

France also saw a record low in nuclear power as state-run EDF repaired reactors affected by corrosion.