Energiesicherheit: Gasspeicherverband: Füllstände auf Rekordtief

German gas storage facilities are at their lowest fill levels since records began in 2011, according to the German Natural Gas Storage Association (Ines). Sebastian Heinermann, the managing director of Ines, told Deutsche Presse-Agentur that the current storage fill level of 49% is the lowest seen at this time since records began.

Heinermann described this as an "historic low point". The Federal Ministry of Economics attempted to reassure concerns about potential gas supply bottlenecks for the cold season on Thursday by stating that a gas shortage is not expected in the upcoming winter. However, the ministry emphasized that gas supply security cannot be judged solely by storage fill levels, as gas is also supplied through pipelines from Norway, LNG import terminals, and neighboring European countries.

Heinermann added that the current storage fill level is 49%, compared to 67% at the same time last year. Even if the currently booked storage capacities - currently at 78% of Germany's gas storage capacity - were fully filled by winter, the stored gas amount would not be enough to fully secure supply during extreme cold temperatures.

Currently, gas procurement costs often exceed the sale prices expected for the winter, leaving little economic incentive for storage. The Federal Ministry of Economics expects private businesses, including gas companies and dealers, to take the lead in winter preparedness. While a state intervention carries risks, the ministry is preparing necessary action options to be deployed quickly and effectively in case the situation worsens, the ministry stated.

Summer gas prices have been unusually high due to the Iran war and the practical blockade of the Hormuz Strait, leading traders to buy less gas for the winter. European natural gas prices reached their highest level since the beginning of the Iran war.