France Cuts Retail Price

French energy regulator CRE has said that Engie's regulated retail gas price in France will be reduced by an average of 3.72% with effect from April 1.

In a statement on March 29, the regulator said there had been a significant decline in the monthly indices used to calculate the regulated price, as well as in quarterly long-term Dutch contractual gas import prices, and in the French 'Peg-Nord' spot price for April relative to March 2016. 

The retail gas price reduction, relative to the March 2016 pre-tax price, works out as 3.8% for home-heating, 2.3% for hot water, and 1.2% for cooking.

Since January 2015 CRE said the regulated retail price that incumbent Engie may charge has fallen by an average of 18.6%. Formerly GDF Suez, the company was once the monopoly gas retailer across most of France, except in the southwest where Total ran the retail market.

Mark Smedley