Berlin: No intervention required to fill up gas storage sites

The economy ministry stated that no government intervention was needed to raise German gas storage levels. This came after a lobby group had warned about shortages in the event of a very cold winter.

The ministry stated that based on its current volume-based estimate, the storage levels at the start of winter will range from 60% to 70%. This, along with additional import options, should be sufficient to meet winter demand.

The ministry also stated that there was a risk of price and volatility if prices remained high in the aftermath of the Iran War. The document seen by said that this must be differentiated from a real gas shortage.

The ministry pointed out that Germany didn't have the option of importing via pipelines or liquefied gas terminals during its energy crisis in 2022.

INES, a lobby group, said that underground gas caverns were only 53% full as of September 1, the lowest level in 15 years.

The Iran War has pushed up the price of gas, making it less profitable to store than sell.

(source: Reuters)