Coal news and updates

Europe burns cash to help businesses in energy crisis

BERLIN/LONDON, Sept 21 (Reuters) - Germany nationalised gas importer Uniper (UN01.DE) on Wednesday and Britain said it would halve energy bills for businesses in response to a deepening energy crisis that has exposed Europe's reliance on Russian fuel.

Russian President Vladimir Putin added to the upward pressure on energy prices by announcing a partial military mobilisation, in the biggest escalation of the Ukraine war since Moscow's Feb. 24 invasion.

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European governments had already earmarked almost 500 billion euros ($496 billion) in the last year to shield citizens and companies from soaring gas and power prices, according to research by think-tank Bruegel. read more

Uniper has been among the biggest corporate casualties, with Germany earmarking an additional 8 billion euros on Wednesday in the latest step in a 29 billion euro bailout.

France, also among the high spenders, will allocate 9.7 billion euros to take full control of utility EDF (EDF.PA).

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Britain said its new plan to help businesses would cost "tens of billions of pounds."

"We have stepped in to stop businesses collapsing, protect jobs, and limit inflation," Britain's finance minister Kwasi Kwarteng said of the cap on wholesale electricity and gas costs for businesses, which is set to apply from Oct.1 read more

More than 20 British power providers have collapsed, many crumbling because a government price cap prevented them from passing on soaring prices. read more

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Uniper's full nationalisation will involve the German government buying out Finland's Fortum (FORTUM.HE) to give the state a 99% holding. read more

"This is clearly not sustainable from a public finance perspective," Bruegel senior fellow Simone Tagliapietra said of Europe's overall energy crisis bill.

"Governments with more fiscal space will inevitably better manage the energy crisis by outcompeting their neighbours for limited energy resources over the winter months."