French energy companies have agreed to cut prices for small businesses, giving in to President Emmanuel Macron's demands to change excessive contracts, Bloomberg reported.

After a three-hour meeting, Finance Minister Bruno Le Maire said energy companies would offer an average electricity rate of 280 euros per megawatt hour in 2023 to about 600,000 of the smallest companies that do not yet enjoy regulated prices.

The pledge came a day after Macron urged suppliers to help small businesses cope with rising bills, as bakers across the country led a chorus of protests.

High energy bills are weighing on consumers and businesses across Europe, forcing governments to spend tens of billions of euros on tax cuts and subsidies to support their economies. Several countries, including France, have imposed contingency taxes on electricity sales to fund part of these measures.

Energy companies and the state will continue talks on how to share the cost of the new measures for the smallest French firms, Le Maire added.