Germany risks gas - Reserves are at the lowest level in 15 years
Germany is entering the winter season with gas reserves at worrying levels. The German gas storage industry association, INES, warns that the country could face shortages if temperatures drop significantly in the coming months.
On September 1, reserves in German underground storage facilities were only 53% full, the lowest level recorded in 15 years. According to INES, even in the most optimistic scenario, the storage facilities could reach about 77% capacity by November 1. This level would be sufficient in a winter with normal temperatures, but not in the event of an extremely cold winter.
In an extreme scenario, specific days during January could face a supply shortage of up to 25%, according to the association's projections.
The problem is that the current pace of filling storage is too slow. To reach the 77% level by November, Germany would need to inject about 1 terawatt-hour of gas per day, a pace that has not been achieved in the past three weeks.
If the current pace continues, reserves could only reach about 63% by the start of winter. According to INES, one of the main reasons is the lack of economic benefit to buy and store gas during the summer. Typically, suppliers buy gas when prices are lower in the summer and use or sell it during the winter, when demand increases.
But the difference between summer and winter prices has been very small, even negative in some cases after fees and taxes are factored in. To speed up the filling of warehouses, INES has proposed removing some fees and offering subsidized loans from the government, with the aim of guaranteeing supply during the winter.
Germany, Europe's largest economy, is facing another energy challenge ahead of the cold season. If the winter turns out to be much harsher than normal, current levels of reserves may not be enough to meet demand.
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