France to freeze natural gas and electricity costs

France will freeze natural gas and electricity costs for consumers for the coming months amid growing concern about rising global energy prices, the prime minister announced.

Prime Minister Jean Castex said Thursday night that France will put in place a "rate shield" until global prices go down, which he predicted would be around April.

That coincides with France's presidential election.

Castex did not stop a scheduled rise in France's natural gas prices Friday of 12.6%, ordered by the energy regulator.

Last month, the French government promised 100 euros starting in December to millions of households that already receive energy vouchers, because of the rising global prices.

After years of unusually inexpensive levels, the price of natural gas in the United States has more than doubled since this time last year.

In Europe and Asia, wholesale prices are more than five times what they were a year ago.

The surging costs have coincided with a robust recovery from the pandemic recession, with more homes and businesses burning all forms of fuel.

That intensified demand is poised to contribute to higher heating costs in many areas of the world.