Gasversorgung: Reiche beauftragt bundeseigenen Importeur mit Gasspeicher-Befüllung

Katherina Reiche, the German Federal Economics Minister, has tasked the state-owned gas importer Sefe with purchasing natural gas to increase the fill level of gas storage facilities in Germany. According to government sources, Sefe has already begun buying gas "in small steps" to avoid detection by market participants. The aim is to raise the fill level of the storage facilities to over 70 percent, currently standing at around 56 percent.

This move marks a change in policy for Reiche, who previously rejected state interventions in filling the storage facilities due to concerns about driving prices higher. The target fill level is 71 percent, but this may be delayed slightly. Uniper, another state-owned energy company, is not involved in this action, with its oversight falling under the Federal Finance Ministry.

Sefe, a key player in the energy market, supplies gas to around 50,000 industrial customers and city utilities in Europe, including major gas storage facilities and pipeline networks. The Bundesfinanzministerium opposes the action, fearing it could negatively impact the planned privatization of Uniper. The EU Commission tied privatization to a deadline of the end of 2028, with the German state allowed to retain up to 25 percent plus one share.

The Bundeswirtschaftsministerium considers the financial impact manageable, estimating costs between 40 and 60 million euros, which they believe will not significantly affect the potential investor. The slow filling of gas storage facilities is due to ongoing disputes over the Hormuz Strait, which complicates gas and oil transport and drives up prices.

This situation is similar to 2022 when Russia attacked Ukraine, prompting the previous Ampel coalition to spend billions to ensure storage filling. Critics argued that the government had signaled its willingness to pay any price to fill the reserves, fueling speculation and driving up prices. At that time, the Federal Ministry of Economics commissioned Trading Hub Europe GmbH (THE) to handle the gas purchases.

However, THE does not have the same capabilities for large-scale gas purchases as Uniper and Sefe and operates exclusively on the European gas market on the TTF.