Energy prices continue to rise
Levels of German gas storage are “worrying”
2/9/2022, 4:39 p.m
The suppliers fulfill their contracts, but the gas stock in Germany is gradually trickling away. The storage facilities nationwide are now only a good third full. The Ministry of Economy is concerned.
According to the federal government, the gas storage facilities in Germany are currently only a good third full. The storage levels are “certainly worrying,” said a spokeswoman for the Ministry for Economic Affairs and Climate Protection in Berlin. They are currently about 35 to 36 percent full.
At the same time, the spokeswoman pointed out that security of supply was guaranteed. Contracts are currently being honored when gas is delivered via pipelines. In addition, not all gas comes from pipelines. There are currently bottlenecks on the natural gas market. Gas prices have recently risen significantly due to increased demand since the relaxation of corona measures and the comparatively low levels of gas storage in the EU.
Economics Minister Robert Habeck spoke in Der Spiegel in January in favor of giving the state more control over the creation of natural gas reserves in view of the Ukraine conflict. The winter has shown that Germany with reduced stocks is even more vulnerable to speculation, price fluctuations and geopolitical tensions. Therefore, the possibilities must be improved to make provisions for the next winter so that the gas storage tanks are well filled.
The establishment of a national gas reserve is conceivable for the future or a regulation, as known in Italy, according to which a certain level in the gas storage tanks must be reached by a certain date. “Both ways have advantages and disadvantages,” said Habeck. In any case, these are market interventions that raise questions about compensation or guarantees. “The issue must be resolved by next winter,” said Habeck. “We can’t run into a situation like the one we’ve been through again. That would be really negligent.”