Power prices in Europe surged on fears that Germany may soon start to limit gas-fired generation and concerns about limited availability of Electricite de France SA’s nuclear fleet, Bloomberg News reported. The German parliament will vote on legislation on Thursday allowing the government to curtail generation from gas plants not deemed to be essential for security of supply to conserve fuel. EDF warned this week that it may have to reduce output at some of its French nuclear reactors during the summer as a drought reduces the amount of river water available for cooling.

Germany's government will have the power to bail out utilities under proposed legislative changes approved by the cabinet on Tuesday, according to the economy ministry, Reuters reported. "The situation on the gas market is tense and unfortunately we cannot rule out a deterioration in the situation," Economy Minister Robert Habeck said in a statement. New amendments to the Energy Security Act will give the government additional tools to help utilities if they falter under rising energy prices as Russian gas imports decline.

For the first time in more than three decades, Germany has posted a monthly trade deficit, the most recent sign that Europe’s largest economy is facing stress because of interrupted supply chains and record energy prices linked to Russia’s war in Ukraine, the New York Times reported. Exports have been the economic engine in Germany for years, but the steep rise in the price of energy, driven by Russia’s moves to restrict the amount of natural gas it is delivering to Europe, has driven up the price of products made in Germany.

German gas giant Uniper SE is in talks with the government over a potential bailout package of as much as 9 billion euros, ($9.4 billion), Bloomberg News reported. The government is looking at applying a set of measures, including loans, taking an equity stake and also passing part of the surge in costs onto customers. Uniper declined to comment. The company, which is one of the biggest importers of Russian gas, said last week it was in talks with the government to secure liquidity. Its shares sank 28% on Monday, taking the company’s market value to 4.14 billion euros.

The German government on Friday offered to buy the insolvent MV Werften's Rostock shipyard for an undisclosed sum to turn it into a navy arsenal, a defence source said, in a move to top up the navy's capacities for repairing and servicing war ships, Reuters reported. Germany, in response Russia's invasion of Ukraine, has been scrambling to bring its military back in shape after decades of attrition following the Cold War.

Germany triggered the "alarm stage" of its emergency gas plan on Thursday in response to falling Russian supplies but stopped short of allowing utilities to pass on soaring energy costs to customers in Europe's largest economy, Reuters reported. The measure is the latest escalation in a standoff between Europe and Moscow since the Russian invasion of Ukraine that has exposed the bloc's dependence on Russian gas supplies and sparked a frantic search for alternative energy sources.

The German government is preparing to lend billions to rescue a former arm of Gazprom PJSC now under the control of the country’s energy regulator, Bloomberg News reported. A bailout for Gazprom Germania GmbH could come as early as this week, with state-owned bank KfW Group expected to issue a loan in the range of 5 billion euros ($5.2 billion) to 10 billion euros, said the people, who asked not to be identified because the information is private. Talks are still ongoing and plans could change.

German Economy Minister Robert Habeck plans to present concrete proposals to tighten the nation's antitrust laws and give the Federal Cartel Office more powers, according to a position paper circulated by his ministry on Sunday, Reuters reported. The move comes amid his concerns that energy companies are not passing on to consumers a recent cut in tax on fuel that was enacted to help offset soaring inflation. The ministry foresees reducing hurdles to confiscate profits and giving the cartel office additional powers to intervene, according to the document dated June 11.

German Chancellor Olaf Scholz said Wednesday he wants to join employers and labor unions in a “concerted action” to find ways of cushioning the effects of rising prices while preventing a spiral of inflation in Europe’s biggest economy, the Associated Press reported. Germany, like other countries in Europe and beyond, already has seen inflation accelerate sharply since Russia’s invasion of Ukraine pushed up fuel and food prices. An official estimate this week showed the country’s annual inflation rate jumping to 7.9% in May, the highest rate since the winter of 1973-1974.

Boris Becker has reportedly been transferred to a prison used to detain foreign criminals, indicating he will be deported from the UK at the end of his sentence, the Guardian reported. According to the Times, Becker’s lawyer told journalists in Berlin that he had been transferred to HMP Huntercombe in Oxfordshire. The former world No. 1 tennis player had been detained at Wandsworth prison, a category B prison, after he was jailed for two and a half years for concealing £2.5m of assets to avoid paying money he owed after his bankruptcy. He will serve half of the sentence.