Germany intends to expand lending to energy companies at risk of being crushed by rising gas prices, Reuters reports.

The European Union's securities watchdog is also considering Europe-wide measures to help energy companies struggling to find cash to meet skyrocketing collateral requirements after they were caught off guard by rising prices when Russia cut gas supplies to Europe.

Separate proposals from the European Commission to address the crisis are due to be announced Wednesday, with EU energy ministers due to hold an emergency meeting Sept. 30.

The crisis is already weighing heavily on Europe's economy, even before winter arrives, when industrial consumers could face rationing if gas supplies prove insufficient. Industry sentiment in the bloc's economic center, Germany, has fallen.

Germany's finance ministry said it wants to increase government loans to energy companies using the loan approvals created to help with the COVID-19 pandemic, with a German newspaper estimating the amount at 67 billion euros.

Last week, VNG, one of Germany's largest importers of Russian natural gas, became the latest energy company to ask the government for help to stay afloat.

Germany's cabinet is expected to approve a bill to increase credit funds on Wednesday.

Meanwhile, investor sentiment in Germany deteriorated more than expected in September as concerns about the country's energy supply increasingly affect the outlook for Europe's largest economy.