German gas storage levels fall to 15-year low ahead of winter

Germany’s natural gas storage facilities are at their lowest level for this time of year in 15 years, according to the Initiative for Energy Storage (INES), as the country prepares for the winter heating season.

INES said in a paper presented in Berlin on September 8 that gas storage sites were about 53% full at the beginning of September. The association said reserves could rise to 77% by November, but only if gas injections increase significantly, Caliber.Az reports per German media.

According to INES, storage levels of 77% would be sufficient to meet household and industrial demand during a winter with normal temperatures. However, the association warned that “77% capacity will not be enough in the event of extremely cold temperatures.”

INES also said low profit margins linked to the wars in Ukraine and Iran had reduced traders’ financial incentives to store gas. Storage operators are therefore calling on the German government to reduce storage fees.

Germany’s Economy Ministry has sought to reassure consumers, saying there is no reason for panic. The ministry said new LNG terminals along the German coast and pipeline supplies from Norway could cover potential shortages.

By Sabina Mammadli