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Germany and UK Reveal Energy Bailouts to Avert Economic Damage

  • Spending to ease crisis on public could hit 500 billion euros
  • EU expected to announce further steps later this month
The Kirchmoeser natural gas power plant, operated by Uniper SE, in Brandenburg, Germany.

The Kirchmoeser natural gas power plant, operated by Uniper SE, in Brandenburg, Germany.

Photographer: Krisztian Bocsi/Bloomberg

Germany and the UK announced energy bailouts to avoid an economic collapse and take the sting out of soaring prices, with European governments spending 500 billion euros ($496 billion) by one estimate to help consumers and businesses. 

Chancellor Olaf Scholz’s administration said Wednesday it will nationalize Uniper SE, Germany’s largest gas importer. The government will control about 99% of the Dusseldorf-based utility after injecting 8 billion euros into the company and buying the majority stake held by Finnish utility Fortum Oyj