Some European power companies are on the brink

, the telegenic economy minister of Germany’s newish coalition government, has become a darling of the German media. He has been called a “rock star” and mooted as the next chancellor. Now the media has turned on him over his plan to bail out some utilities with a natural-gas surcharge that could cost an average four-person household an extra €480 ($480) per year (plus value-added tax). The measure is just one part of a complex set of government interventions.Mr Habeck argues that the levy is necessary to save utilities such as Uniper or the Group (formerly Gazprom Germania). They are facing billions in losses as a result of Russia’s decision to curtail supplies of gas in response to Western sanctions over its invasion of Ukraine in February. In order to meet their obligations to customers, the power companies must cover the shortfall by buying the fuel at exorbitant cost in the spot market.