Germany’s gas storage facilities are currently less full than at any point at this time of year since records began in 2011, according to gas storage group INES.
“The current gas storage level is by far the lowest ever recorded for this time of year in Germany,” Sebastian Heinermann, managing director of INES, told dpa. “It is therefore a historic low.”
The German Economy Ministry sought to ease concerns about possible shortages over the winter on Thursday, saying that based on current information, a gas shortage was not expected.
The ministry said it was taking seriously the fact that Germany’s gas storage facilities were significantly less full than in previous years, but added that security of supply could not be judged on storage levels alone.
Germany also receives gas via pipelines from Norway, liquefied natural gas (LNG) import terminals and neighbouring European countries.
Heinermann said storage facilities were currently 49% full, compared with 67% at the same time last year.
Even if all currently booked storage capacity – equivalent to 78% of Germany’s total capacity – were completely filled by winter, the amount of gas stored would not be enough to fully safeguard supplies in the event of extremely low temperatures, he said.
Gas procurement costs are currently often higher than the prices that can be obtained for it in winter, leaving little economic incentive to put more gas into storage.
The Economy Ministry said private companies, including gas suppliers and traders, bore primary responsibility for preparing for winter and warned that state intervention carried risks.
However, the government was preparing “the necessary options for action so that they can be deployed quickly and in a targeted manner if the situation deteriorates,” the ministry said.
Gas prices have been unusually high this summer because of the Iran war and the effective blockade of the Strait of Hormuz, prompting traders to buy less gas for sale during the winter.
European natural gas prices rose in the middle of the week to their highest level since the early stages of the Iran war.
