Minister: No need for market intervention to secure German gas supply

The economy ministry said on Tuesday that Germany's gas supplies are secure and no state intervention is needed. It cited a more stable market than last year, as well as strong LNG and pipeline exports.

A spokesperson for the ministry said that the government is working on a successor to current?storage regulations and is examining an extra tool to protect?critical infrastructure, such as pipelines.

The spokesperson said that any state action would only be taken if it was "cost-effective" and improved supply security.

In June 2022, Germany developed a three-stage plan to reduce its dependence on Russian gas following the Russian invasion of Ukraine.

Since then, the country has signed agreements with Qatar, 'Oman, Norway, and other countries to diversify its supply.

The economy ministry reported that Germany's former dependency on Russian gas was?replaced? by other sources and gas demand had?decreased?15%since 2022.

Gas prices are now stabilizing at around 32 euros ($37.81), after a slight rise during cold weather.

The spokesperson stated that storage levels are?above the legal thresholds' and remain effective due to reduced consumption. ($1 = 0.8462 euros) (Reporting by Holger Hansen, Writing by Friederike Heine, Editing by Madeline Chambers)

(source: Reuters)