June 20, 2014 / 5:56 PM / in 4 years

France to increase electricity tariffs by less than 5 pct -Valls

PARIS, June 20 (Reuters) - The French government plans to raise regulated electricity tariffs by less than 5 percent in the autumn, Prime Minister Manuel Valls told journalists on Friday.

French Energy Minister Segolene Royal said on Thursday that she had cancelled a 5 percent rise in regulated tariffs that had been planned for Aug. 1, which had been decided by the previous government, hitting shares in power company EDF .

Until now, regulated electricity tariffs were calculated according to EDF’s production costs, with the French energy regulator CRE making sure the government increased tariffs enough to cover the costs.

“An increase will take place in autumn and will take into account recent developments on the market; it is going to be lower than the 5 percent initially panned,” a government statement quoted Valls as saying.

Reporting by Marine Douet; Writing by Maya Nikolaeva; Editing by David Goodman

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