The German Federal Minister for Economic Affairs, Katherina Reiche (CDU), stated that the gas supply is secure even for the next winter.Speaking to the news magazine Focus, she mentioned that the German gas storage facilities are filling up through normal market activity, noting that they are currently booked to about 70 percent. Reiche further assured that the gas will reach the storage capacity because deliveries are widely diversified. “Therefore, the gas storage facilities will be well-filled at the start of the next winter. I foresee no gas shortages in the foreseeable future” she added.
It is worth noting that the current fill level of Germany’s natural gas storage facilities is at a historically low level. At the beginning of the week, the storage was only filled to barely 23 percent, which is significantly more than 17 percentage points below the long-term average. Due to the recent, extended blockade of the Strait of Hormuz in the Persian Gulf, concerns about gas shortages had become prominent.
The Federal Ministry for Economic Affairs plans an instrument to guarantee supply security in the event of a crisis. Reiche said, “We are very carefully reviewing which crisis instrument is appropriate”. She emphasized the need to avoid confusing normal market dynamics with a precautionary instrument meant for exceptional crises, such as acts of sabotage.
