A new Lagrangian formulation with complex currents is developed and yields a direct and simple method for modeling three-phase permanent-magnet and induction machines. The Lagrangian is the sum a mechanical one and of a magnetic one. This magnetic Lagrangian is expressed in terms of rotor angle, complex stator and rotor currents. A complexification procedure widely used in quantum electrodynamic is applied here in order to derive the Euler-Lagrange equations with complex stator and rotor currents. Such complexification process avoids the usual separation into real and imaginary parts and simplifies notably the calculations. Via simple modifications of such magnetic Lagrangians we derive new dynamical models describing permanent-magnet machines with both saturation and saliency, and induction machines with both magnetic saturation and space harmonics. For each model we also provide its Hamiltonian thus its magnetic energy. This energy is also expressed with complex currents and can be directly used in Lyapunov and/or passivity based control. Further, we briefly investigate the observability of this class of Euler-Lagrange models, in the so-called sensorless case when the measured output is the stator current and the load torque is constant but unknown. For all the dynamical models obtained via such variational principles, we prove that their linear tangent systems are unobservable around a one-dimensional family of steady-states attached to the same constant stator voltage and current. This negative result explains why sensorless control of three-phase electrical machines around zero stator frequency remains yet a difficult control problem.