Germany says its energy crisis may trigger Lehman-like contagion as the country moves a step toward to natural-gas rationing

Germany warned that the country's energy crisis could cause a Lehman effect in the utility sector.

Germany moved into the second stage of its emergency gas plan after Russia slowed supplies. Natural gas futures in Europe have increased by 85% so far this year.

The second stage of the emergency gas plan allows utility companies to raise prices. The clause is not being triggered for the time being. If the supply crunch and price increases persist, Habeck said they could kick in, as energy suppliers that buy power on the wholesale market are running up losses.

"If this minus gets so big that they can't carry it anymore, the whole market is in danger of collapsing at some point," said German economy minister Robert Habeck at a press conference. The Global Financial Crisis was caused by Lehman Brothers filing for Chapter 11 in 2008 due to the mortgage crisis.

The economy ministry says natural gas accounts for 25% of the energy mix. Russia contributes about one third of that total.

Since last week, natural-gas supplies from Russia to Germany have been cut by more than half due to equipment problems in Canada.

The cut may not be as bad in Germany as it would be in the winter due to the fact that consumption tends to go down in the summer. Europe is in the thick of a summer heat wave. Russia's decision to choke off supply raises questions about how the region can prepare for the important winter months.

According to a statement from the German economy ministry, Habeck said the situation was serious and winter would come. It will be a difficult road for us as a country. We are in a gas crisis even if you don't feel it. Gas is hard to find.

Germany may start rationing gas as a last resort if the situation gets worse. If Russian natural gas supplies were halted, a recession would happen, according to the German industry association.

Habeck said that cutting gas supplies is an attack on us by Putin. It's clear that Putin's strategy is to divide us as a society. We will fight back against this.

The cut in supplies was technical. It was odd for Germany to say that the natural-gas supply cut was politically motivated.

Germany is restarting some coal power plants to deal with the energy crisis as it plans to phase out coal by the end of the century. Liquefied natural gas can be transported via ships over long distances.

Habeck said in a March 25 press release that Germany wants to eliminate Russian natural-gas imports by 2024.