Why are Germany's gas storage levels so low?
Germany's gas storage facilities are only 50% full as traders bet that wholesale prices will fall if the Iran war ends. With around three months until winter, DW asks whether the country can refill its reserves in time.
Germany's gas storage levels are currently low, with more than 40 gas storage facilities barely over half full. This situation is primarily attributed to the ongoing closure of the Strait of Hormuz, a critical energy chokepoint due to the Iran war. As a result, Germany's underground natural gas stores are at their lowest level for mid-August in several years, with storage levels around a quarter lower than the same date last year and more than 45 percentage points lower than in 2023 and 2024.
Unlike many other European countries, Germany relies heavily on private energy trading firms to fill storage facilities, with market players betting on falling gas prices if the Iran war ends. However, European wholesale gas prices remain well above pre-war levels, and European politicians have accused traders of speculating on Germany's energy security.
Brief written by urgent.news from DW News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
