France will cap energy and gas price increases at 15% in 2023, announced Prime Minister Elisabeth Borne, to alleviate the burden on consumers of the worst energy crisis in recent decades, Reuters reports.

The decision will cost the state 16 billion euros ($16 billion) and will prevent households from doubling their bills. Also, vulnerable people will continue to be supported, with approximately 12 million households to benefit from a check of up to 200 euros.

The new gas price cap will come into effect in January, and for electricity in February, Borne explained.

European Commission President Ursula von der Leyen announced on Wednesday that the EU will propose measures to cap the income of low-cost electricity producers and force companies that sell fossil fuels to share the profits they make from rising energy prices. The measures were to generate over 140 billion euros, according to Agerpres.

France has already spent billions of euros on measures to mitigate the impact of rising energy prices on the market.

Having the largest number of nuclear reactors after the United States, France is less exposed than neighboring countries to a reduction in Russian gas supplies.

The RTE network operator appreciated: “Compared to other European states, France should structurally be in a less difficult position.”