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Europe’s energy crisis has left power companies technically insolvent, forcing governments to bail them out GFC-style.
Last weekend was a busy one in European energy policy.
The German government revealed a €65 billion (A$96 billion) support package for consumers and small to medium businesses. That includes the government taking a 30% stake in the private gas utility, Uniper, in exchange for a €15 billion bailout (something the Australian government should have done to Qantas during the pandemic).
On Sunday Italy’s finance minister said his country would send €100 billion offshore to pay for the country’s energy import bill, more than double last year’s €43 billion bill. It amounts to around 3% of GDP.
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