Germany preps aid for utilities hit by gas crisis

STORY: Germany is preparing rescue measures for utilities hit by the gas supply crisis.

That’s according to Reuters sources.

They say the government wants to enshrine the measures in its energy security law.

Right now, attention focuses on gas supplier Uniper.

It’s one of the biggest customers for Gazprom.

But Uniper says it’s only getting about 40% of its usual supply from Russia.

The sources say Germany would only take a stake in the firm as a last resort.

Instead, measures may be based on the relief that Lufthansa got at the height of the global health crisis.

The airline was saved from bankruptcy with an aid package totalling over $9 billion.

Though the state did take a stake, it didn't get any voting rights.

Government sources say ministers would rather rescue Uniper than let them drastically increase prices for consumers.

They reportedly aren’t about to trigger legal mechanisms that would allow utilities to pass on their increased costs.

The sources say ministers also think Uniper will be the only utility to need a rescue, making a bailout look manageable.